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HMV like-for-like sales rise 1.3%

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Date: Friday 05 Sep 2008

LONDON (ShareCast) - Music, films and games retailer HMV said its plans are in line with expectations as it saw like-for-like sales rise 1.3% in the 18 weeks to August 2008.

Excluding the impact last year of Harry Potter and the Deathly Hallows, like-for-like sales rose 1.3% while total sales in HMV increased 3.5%.

Like for like sales growth of 4.3% in HMV UK & Ireland was driven by the increase of the mix of games and technology. Total sales increased 8.6%.

HMV International's like for like sales growth of 2.9% reflects the rapidly increasing mix of games in HMV Canada, now over 10% of sales, and further increase in market share. Total sales rose 6.3%

Waterstone's like for like sales were down 4.3% and excluding Harry Potter, it fell 1.7%, reflecting a weaker book market. Total sales slipped 5.9%

“In what is, undoubtedly, a tough consumer environment, the solid start made by the group to the new financial year means that our plans are in line with the board's expectations, and I remain confident that our strategic initiatives are on track,” said HMV chief executive Simon Fox.

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