Following the news last week that HMV CEO Simon Fox was stepping down, the high street retailer has today revealed a £38.6million loss. The announcement comes just a week after Fox announced he would be passing the reigns over to former Jessops boss Trevor Moore, where statements from all parties suggested that the company was on the up.

Figures released today however suggest otherwise with the company admitting that sales were down from £1.15bn to £923.2m over the past year, a dip of 19.7%. HMV had already been forced to close some stores and sell off some of their other ventures such as HMV Live and aNobil.

The departing CEO said "We are confident that the actions we have taken will enable us to significantly improve cash generation and make profits of at least £10m in the year ahead," although these latest figures may suggest why Fox has decided to call it a day after 6 years at the helm.