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Sales up at HMV

Michael French
Sales up at HMV

HMV has this morning reported a rise in sales for the 26 weeks up to October 24th, 2009, with reduced losses and larger market share.

Overall sales rose by 5.6 per cent to £797m, with HMV UK & Ireland specific total sales up 12.8 per cent.

The entertainment retailer said that its pre-tax loss shrunk to £24.9m in the same period.

In all, HMV said that it was performing well in a tough trading environment which has seen off a number of its rivals - with HMV benefitting from the latter.

The chain has taken over 32 Zavvi stores in the last year while Borders, the rival to its Waterstones book chain, has gone into administration.

A statement from the firm added: "The Group continues to operate in challenging and highly competitive markets, particularly the book market, where Waterstone’s performance remains weak, although the recent administration of Borders UK may benefit the Group in the medium  and long term. Performance in HMV UK & Ireland remains on track, with a strong line-up in music this Christmas, and is further underpinned by good margin and cost control. Although our peak trading weeks lie ahead of us, we remain confident in the outlook for the Group for the current financial year."

CEO Simon Fox added: “With a good line-up of products across all categories, our stores and websites are very well prepared for Christmas and we are confident that customers will receive great service and availability however they choose to shop.”

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Tags: Retail , HMV , high street

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