HMV posts slide in profits

Ailing retailer HMV today revealed the details of a painful year in which bottom-line profits slumped to £2.6m (€2.9m).

The group, which recently sold its Waterstone’s book chain and Canadian business to buy some breathing space in its battle for survival, said the surplus for the year to April 30 compared with £67.3m the previous year. Underlying profits slumped 61% to £28.9m.