UK retail chain HMV has posted grim financial results and admitted that the company’s future does not look bright.
Gamasutra reports HMV’s latest financials briefing noted revenue of £364.9 million ($566.5 million) for the six months ending in late October. That’s a 17.6% decrease year on year, down from £442.7 million ($687.3 million).
The retailer noted losses of £50.1 million ($77.8 million) over the past six months, meaning the chain lost £19.2 million more than in the same period last year.
Chief executive Simon Fox described the six month period as “challenging” and said HMV had taken “decisive action to restructure the business”, with results already noted in the Technology products sector.
“Like all consumer-facing companies we are facing tough trading conditions but we continue to push forwards through this period. We remain well prepared for the key trading days ahead,” he added.
Echoing this, a general statement said the retailer has “adequate resources to continue in operation for the foreseeable future,” but said a general economic malaise “may cast significant doubt on the Group’s ability to continue as a going concern in the future.”
Founded in 1921, HMV is a global entertainment retail chain and the largest of its kind in its home territory of the UK and Ireland.