HMV shortens losses
HMV has reduced it losses for the half-year after strong like for like sales growth in the UK & Ireland.
Group sales increased by 9.5 per cent on the same period last year, with like for like sales growth of 5.0 per cent. HMV UK & Ireland’s total sales increased by 12.9 per cent, including a like for like increase of 9.2 per cent. Waterstone’s, total sales grew by 8.7 per cent, inclusive of the annualisation effect of the July 2006 acquisition of Ottakar’s, and like for like sales increased by 1.4 per cent. Commenting, Chief Executive Simon Fox said ‘Less than a year into our three year strategic plan, we are pleased with progress. The Group’s first half was driven in particular by like for like sales growth in HMV UK & Ireland, where we are successfully exploiting the high growth games and technology categories and increasing our share of music and DVD. ‘At this stage, the most important days and weeks of our financial calendar are
still ahead of us, and our stores and websites are very well prepared for Christmas.’
