HMV shares plunge violently on poor interim results

<p>Shares in HMV have plunged violently after the retailer released its disappointing interim report.</p>

HMV's share price has plunged violently on the London Stock Exchange (LSE) today (December 13th), after the company released its disappointing interim results for the 26 weeks to the end of October 2012.

The entertainment retailer announced that total sales from continuing operations were down by 13.5 per cent to £288.6 million compared to the £333.7 million recorded last year, with like-for-like sales falling by 10.2 per cent.

HMV's underlying net debt is now £176.1 million, while in 2011 it was £163.7 million.

The business – which recruited a new chief executive officer and chief financial officer to turn its operations around in September 2012 – admitted a disappointing release schedule in summer of this year impacted on sales, while it cited current market trading conditions and uncertainty in its report.

Chief executive Trevor Moore said: "The business has started to deliver a number of new initiatives which will help to maximise the seasonal sales opportunity and provide a platform for growth."

At 10:20 GMT, HMV shares on the LSE nosedived by 39.1 per cent to 2.50p per unit.

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