HMV upbeat on Christmas prospects
‘Encouraging’ increase in market share
HMV has sounded a positive note as it approaches the key Christmas trading period, as it increases share in a competitive market.
In its AGM statement, HMV reported group sales up by 5.3 per cent at constant exchange rates in the first 21 weeks of the financial year, with like-for-like sales growth of 2.1 per cent. When exchange rates are factored in, total sales grew by 3.2 per cent.
HMV UK & Ireland has seen total sales grow by 6.5 per cent, with 10 new stores already opened and a target of 20 to 25 new stores for the full financial year. Like-for-like sales growth is 1.3 per cent for the 21 weeks.
Bookseller Waterstone’s has seen total sales growth of 4.5 per cent, with like-for-like sales up 3.4 per cent. This month saw Waterstone’s open a new superstore on Oxford Street, with another five stores due to open before Christmas.
HMV Asia Pacific total sales grew by 2.3 per cent, with a like-for-like sales decline of 2.2 per cent. When exchange rates are factored in, total sales fell 3.8 per cent. HMV Canada saw total sales growth of 15.1 per cent, with like-for-likes up 13.3 per cent, driven by the development of its DVD offer.
[img r]hmvInterior2.jpg[/img]Robin Miller, HMV chairman, said: “We are pleased to have made such a good start to the financial year and we are especially encouraged by the market share performance across the group.
“At this stage of the year we are very much on track and are well positioned for the important Christmas period.”
