Tuesday, April 05, 2011

HMV: 'Actually, it's even worse than we thought'

Mixed news from HMV this morning, which has just issued a third profits warning so far this year.

But alongside marking down its expected profits from £38million to £30million, it has announced that it's been given a couple of extra months to get itself in order - lending tests will now happen at the start of July rather than the end of April.

Admittedly, this is a roundabout way of saying that it's not actually able to meet the demands of its lenders this month, which is less good - "the school says not to worry as I can do a retake in the winter" isn't an educational achievement in itself.

What's not clear, though, is what the chain intends to do with the time it has bought itself.