“Extremely tough” conditions prompt HMV sales drop

In the UK and Ireland, HMV (not including recent acquisition Waterstone’s) saw like for like sales fall two per cent in the 52 weeks ended 28 April 2007.

The results were described by the HMV Group as ‘in line with market expectations’. However, the Group’s statement also revealed that sales on hmv.co.uk continued to grow by 150 per cent over a 16-week period.

“The markets in which the Group operates have contiued to be extremely tough,” said HMV CEO Simon Fox. “However, as we stated on March 13th, our businesses are now planning on the basis of continuing market change, and I am confident that the initiatives we are putting in place to reduce our costs, revitalise our core business and grow our revenues are being pursued at pace and will lead to a turnaround on the Group’s performance.”

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