HMV sales down in tough UK market
Full year profits on track
HMV Group expects its full-year figures to be in line with City forecasts despite a sales dip in the current tough retail market in the UK.
in a pre-close trading statemen, HMV said sales for the year to the end of April increased by 4.7 per cent at constant exchange, with a 1.1 per cent like-for-like increase.
Since Christmas, HMV said trading conditions have been more difficult, with total sales at constant rates up 1.2 per cent, and like-for-like sales down 2.2 per cent.
In the UK & Ireland, like-for-like sales are down 3.8 per cent, despite market share increases in music and DVD sales. Book retailer Waterstone’s has seen like-for-like sales fall 2.8 per cent.
Outside the UK, HMV Canada has seen total sales at constant rates up by 5.2 per cent, including a 13.5 per cent like-for-like increase, while HMV Asia Pacific increased total sales at constant rates by 3.2 per cent, with like-for-likes down 1.7 per cent.
