Games push FY HMV sales up 11%

Games and hardware played a crucial role in pushing HMV’s like-for like full year sales up 11.4 per cent in the UK and Ireland.

The retailer also posted total sales gowth of 15.4 per cent in the region, for the 12 months ending April 26th.

For the last 16 weeks of the year, like for like sales were up 13.8 per cent, whilst total sales growth stood at 18.4 per cent.

For the HMV Group – which also incorporates Waterstones – full year like-for-like sales were up 7.3 per cent and total sales growth stood at 10.3 per cent.

In the last 16 weeks of the year, the HMV Group enjoyed a 10.1 per cent rise in like-forlike sales and 11.9 per cent toal sales growth.

The firm are confident profits before tax will hit the upper end of expectations for the financial year, estimated to be between 46m and 58m, defying the current gloomy economic climate.

HMV said cash generation for the group had strengthened, and their much- touted ‘next-generation’ stores had performed positively, leading to a continued roll out of the store concept.

Simon Fox, HMV CEO, said: As we complete the first full year of our three-year turnaround plan, we are ahead of where we expected to be. We still have much to do, but I am confident that the Group is well positioned for the next phase of our transformation.”

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