We all knew HMV's figures would be bad. Now we know how bad:
LONDON, June 30 (Reuters) - Struggling British music and DVD retailer HMV , which has been selling off assets in a bid to secure its future, said trading conditions were set to remain tough as it posted a 61 percent drop in annual profit.There is a small, profitable business at the heart of HMV. It's just not clear if it can escape the large, loss-making business that surrounds it.
The 90-year-old group, which has issued four profit warnings this year, said on Thursday it made a profit before tax and one-off items of 28.9 million pounds ($46.2 million) in the 53 weeks to April 30, in line with its latest guidance.
After tax and non-cash impairments charges from the assets it has sold, it plunged to a loss of 121.7 million pounds.