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Business News

Christmas disappointment for troubled HMV


Simon Fox, the chief executive of HMV, has said the group still has to "convince" the City it has a future after it posted another slump in underlying sales over the Christmas trading period.

Asked about its shares languishing at just 2.8p, he said: "The key issue is convincing the market that we will be around for the foreseeable future.

"We have highlighted we feel confident we will be around for some time. We have a strongly supportive group of suppliers and banks."

But Mr Fox described as "disappointing" an 8.2 per cent fall in its like-for-like sales for the five weeks to 31 December.

As it seeks to diversify away from CDs and DVDs, the group touted a 51 per cent jump in sales of technology products.

HMV, which has debts of £164m, is trying to sell its live music venue business to cut borrowings.