HMV reveals sales rise

The HMV Group’s UK and Ireland division has posted 12.5 per cent total sales growth for the 18 weeks to August 29th – with like-for-like sales up 1.7 per cent.

The retailer’s total sales included the contribution from 29 former Zavvi stores.

However, the retailer’s Waterstone’s books chain suffered a like-for-like sales fall of 3.4 per cent during the period, whilst its International business suffered a 12.6 per cent like-for-like drop.

The full group’s total sales advanced 4.4 per cent and were down 1.8 per cent like-for-like.

Simon Fox, HMV Group CEO said:
In a tough consumer environment, the Group has made a solid start to the new financial year. Our plans for the peak selling period are in good shape, and with a strong line-up across all product categories our focus is on providing our customers with the very best offers for Christmas.

The strategic initiatives that comprise our three-year plan are on track, and beyond this we are
continuing to drive new initiatives for further growth.”

HMV also revealed that it has acquired a 50 per cent stake in digital media firm 7digital for 7.7 million in cash.

The tie-up will give HMV access to 7digital’s music catalogue of six million tracks, and video entertainment.

7digital will also work with Waterstone’s to help the business bolster its position in the digital book market.

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