9 September 2011 – AGM statement
At today’s AGM the company will confirm that trends in the retail business have continued during the first quarter with like for like sales down 15.1%. HMV Live enjoyed a good summer festival season with attendences up by 20% on a like for like basis and earlier this week the group opened a new 1500 capacity venue, HMV Ritz, in Manchester. The first quarter has seen the disposal of Waterstones and HMV Canada, whilst it also entered into revised borrowing arrangements. It is clearly early days in the group’s recovery and the shares are a HOLD.