HMV slumps to a loss of £16.2m

Troubled music retailer HMV (LSE: HMV) has slumped to a loss of £16.2 million but said its recovery was on track as it ramps up sales of electronic devices.

The group, which operates 252 stores, expects profits of at least £10 million this year as it drives more business from selling the latest iPad, Google's Nexus tablet and wireless headphones alongside its CDs and DVDs.