first_img Tags: NULL Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap Thursday 9 December 2010 3:35 am HMV cuts dividend as losses widen whatsapp Show Comments ▼ whatsapp Share John Dunne Music, DVD, games and books retailer HMV posted a worse than expected widening in first-half losses, blaming a sharp fall in sales on weak entertainment markets.The group said it was cutting its dividend and cautioned that despite more encouraging trading at the beginning of its second half, the start to Christmas trading had been undermined by the severe weather of the last two weeks.“The outcome of our full financial year will be largely determined by the next four weeks of the key Christmas trading period, which together with the final four months of our financial year, account for 60 percent of our full year sales,” said the firm.The group, which trades from over 730 HMV, Fopp and Waterstone’s stores, made an underlying pretax loss of £41.3m for the six months to 23 October.That compares with analysts’ consensus forecast of a loss of £38-39m, according to a company poll, and a loss of £24.9m in the same period last year.HMV traditionally makes all its profit in its second-half, which includes the crucial Christmas trading period.Sales fell 6 percent to £749.5m, with sales at stores open over a year down 11.5 per cent.The firm, which ended the period with net debt of £151.6m, said it had reviewed its dividend policy and halved the interim payout to 0.9 pence last_img

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