HMV Blames ‘Weak New Release Schedule’ For $26 Million Loss (But Predicts Imminent Return To Profitability)
Troubled British retailer HMV has forecast a pre-tax loss of £16 million ($25.9 million) for the year ending April 28, blaming a "weak new release schedule in CDs and DVDs" in the fourth quarter for the lower than expected sales.
The retailer had previously forecast a year-end pre-tax loss of £10 million ($16.2 million). HMV Group, which also includes its profitable live arm HMV Live, expects year-end net debt to be approximately £168 million ($271.9 million), representing an improvement on its £180 million ($291.4 million) debt forecast the previous quarter.
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