HMV issues profits warning after grim Christmas

Saturday 25th May

HMV issues profits warning after grim Christmas

Posted at 8:16AM Wednesday 05 Jan 2011

The struggling high street chain issued the retail sector's first profits warning of 2011 this morning, dashing hopes that the company's fortunes had improved. In an unscheduled trading statement, HMV admitted that like-for-like sales across its UK and Ireland outlets had plunged by 13.6% in December. It also warned that it may breach the terms of its lending agreements with its banks.

Sales at its Waterstone's bookstores, also owned by HMV appeared to have stabilised as comparable sales fell by 0.4% in December.

It is understood that 40 HMV branches will close along with 20 Waterstone's bookshops.

Share |

Get book trade news by email

Daily book trade headlines and breaking publishing news by email - just £3 a month. Click on the Subscribe button below to sign up now

Find out more

More Book Trade News

OFT Clears Oxford University Press-Nelson Thornes Deal
www.stockmarketwire.com

The Office of Fair Trading has cleared the completed acquisition by Oxford University Press of Nelson Thornes Ltd

Guardian Children's Fiction Prize 2013 Longlist
www.guardian.co.uk

Books deal with war, dystopian futures and terminal illness

Behold: How Amazon Wins The Sales Tax Wars Even When It Loses
gigaom.com

What's really behind Amazon's tax war

At Hearing, Judge Says She Is Leaning Against Apple
www.publishersweekly.com

Government will likely be able to prove Apple's guilt in coordinating a conspiracy to raise e-book prices

Salt Abandons Single-author Collections Amid Poetry Market Slump
www.guardian.co.uk

Publisher says these books are 'no longer viable' as sales drop by more than a quarter

Kindle Fire Now Available For Pre-order In 170 Countries
www.digitalbookworld.com

Kindle Fire HD and Kindle Fire HD 8.9" Now Available for Pre-Order for Customers in over 170 Countries Around the World, Shipping June 13

[More Book Trade News]