The Associated Press April 5, 2011, 4:42AM ET

HMV shares slump on yet another profit warning

Shares in struggling music and games retailer HMV are down 9 percent after the company issued its fifth profit warning since September, even as its lenders gave it more breathing room.

HMV said Tuesday it expects full-year profit to be around 30 million pounds, down from around 40 million forecast in its January update.

HMV says its bankers had given it until July 2 to meet its loan covenants, an extension of a bit more than one month. HMV is carrying 130 million pounds ($210 million) in debt.

The company's shares were down as much as 9 percent at 13.5 pence in early trading on the London Stock Exchange. A year ago the shares were trading at nearly 90 pence.


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