■ Full-year like-for-like sales down 11.4 per cent
■ Expects £16m loss in 2011-12, but £10m profit in 2012-13
■ Strategic view of Live business ongoing
However, despite the more positive news, which means we're taking the shares off a sell, we are still not convinced that it's worth buying just yet. At £168m, debt is nine times higher than HMV's market value of £18m and, although that will come down when the Live division is sold, the ongoing business still faces an uncertain future as entertainment distribution shifts online.
Indeed, a weak CD release schedule was blamed for worsening retail sales in its final quarter, and a higher than expected 2011-12 loss of £16m. Hold.