Struggling British music, books and games retailer HMV issued its third profit warning in three months amid tough trading conditions in its markets.
The 90-year-old company, which trades from about 700 stores in seven countries, said it now expected a year to end-April profit before tax and exceptional items of around £30 million.
Just last month it had forecast a profit of "moderately below £45 million". That alert had followed one in January.
"Since the group's last update on March 1st 2011, trading conditions have remained difficult," HMV said. But it added that its bank lenders "continue to be supportive".
It said its lenders had agreed to move the measurement period for all relevant financial covenant tests from the 12 months ending April 30th, 2011, to the 12 months ending July 2nd 2011.
HMV had previously warned it did not expect to meet the terms of its bank lending rules if they were tested in April.
Reuters
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