HMV - and down she goes again

HMV kicks off trading. The share price is very volatile, down 3% at the time of writing.

HMV released an IMS today. LFL was down 8.1% for the 5 weeks ended 31-Dec-2011, and down 9.7% for 9 weeks ended 31-Dec-2011. According to management, this represents an "improvement". Well, I'm glad someone's happy. At least the management were honest in this respect:

As reported on 19 December 2011, the Interim Statements were prepared on a going concern basis. However, the economic environment and trading circumstances create material uncertainties which may cast doubt on the Group's ability to continue as a going concern in the future, and these uncertainties continue.

It should be pointed out that last year we had very bad snow, so HMV  should be doing better this year. Alas, it was not to be. Let's see if poor old Nipper can make it to another christmas.