HMV Forecasts $16 Million Year-End Loss

HMV Forecasts $16 Million Year-End Loss

HMV Forecasts $16 Million Year-End Loss
UK entertainment retailer HMV has forecast a pre-tax loss of $25.9 million for the year ending April 28, up from the previously forecast loss of $16.2 million, according to Billboard.biz. The company attributes the estimated loss to weak fourth-quarter sales, during which HMV's retail operations posted a 19.2 percent fall. In related news, CC Media Holdings Inc., the parent company of Clear Channel Communications, reported a loss of $144 million during the first quarter, a larger deficit compared to the $131 million reported in the year-ago quarter. Despite the loss, total company revenue increased 3 percent to $1.36 billion, while quarterly media and entertainment revenue increased 6 percent to $671.5 million. (5/4)

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