The company said that pre-tax losses hit £38.6 million in the 12 months to April 28, compared with a flat figure in the previous financial year.
Like-for-like sales at the retailer were down 12.1%, as it continues to struggle against online competition, particularly in music sales.
HMV's sales fell below £1bn for the first time since the company's flotation in 2002, dropping from £1.15bn in 2011 to £923.2m in the past financial year, a decrease of 19.7%.
The company said that restructuring charges totalled £11.1m, including job losses. The HMV Live and the aNobii joint ventures were also scrapped over the 12 months, resulting in a non-cash impairment charge of £38.7m.
Social online books retailer aNobii, in which HMV was a partner along with various major book publishers, was sold to Sainsbury's earlier in the year.
HMV is also selling HMV Live, which owns 13 live music venues and operates five music festivals in the UK, including Lovebox in London and Global Gathering.
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Total HMV Group loss after tax and exceptional items (including impairment charges) was £80.4m, although that was less than the £122.6m in 2011.
Alongside closing a head office, HMV has also shut down tens of retail outlets around the UK and restructured its European operation.
The business offloaded its Waterstones book chain and the entertainment venue Hammersmith Apollo for £32m, as it looks to focus on core assets.
HMV chief executive Simon Fox will step down next month and be replaced by Trevor Moore, a former boss of camera retailer Jessops.
In his final results statement before leaving HMV, Fox said that the last year had been "a difficult and challenging one" for the company, and this was reflected in the results.
"Although we have clearly been through a turbulent period, our financial position is now stable thanks to the support of our suppliers, banks and colleagues, and I am confident, as I hand over the reins to Trevor Moore, that HMV has a secure future under his leadership."
HMV said that its key recorded music business is "expected to decline in value by approximately 20%" over the next 12 months, as more people opt to get their albums and singles over the internet.
As part of efforts to move into digital, HMV now owns a 50% stake in 7Digital, the company which provides music download content on a range of devices, such as Samsung and Research In Motion tablets.
Following GAME Group's fall into administration in March, HMV said that it saw an uplift in its video games sales. The company expects the market to improve "with the prospect of the next generation of consoles from leading manufacturers being launched in the UK".