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.
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