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Article: EMI shares slump as music sales warning hits a low note
- Article from:
- The Scotsman
- Article date:
- February 8, 2005
- Author:
CopyrightCopyright 2005 The Scotsman. Provided by ProQuest LLC. (Hide copyright information)
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SHARES in music giant EMI crashed yesterday as it jolted the stock
market with a warning of sluggish music sales and profits.
The shares dived 46.25p, or 16 per cent, to 235p, as the company
blamed delays in the release of key albums from top bands Coldplay
and Gorillaz.
EMI, the world's third-largest music group, said it expected music
sales to be down 8 to 9 per cent in the year to end-March.
This was twice as bad a forecast as the previous warning from EMI
that full-year music sales would be between flat and down 4 per cent,
roughly in line with the overall music market.
In addition to the delayed album releases, EMI has seen weak sales
in January which it expects to continue through ...