HMV storms interim results

The retailer today announced better than expected financial results, with its total group sales up 12.2 per cent for the 18 weeks ending September 1st and like for like sales up 5.8 per cent.

HMV UK and Ireland fared better still, with sales up 12.5 per cent, with a like for like growth of 9.6 per cent.

The positive results indicate better than expected DVD sales, continued growth in games and the 100 per cent year on year growth of the website.

The group has made a pleasing start to the current financial year, with good momentum in sales, margins and cost management,” said Carl Symon, HMV Group Chairman. Solid progress is being made on our strategic plans announced in March, including a successful disposal of HMV Japan for a consideration which the board believes represents best value for our shareholders.

Furthermore, this week, HMV UK is opening its first ‘next generation’ store trials and Waterstone’s customer loyalty card is being launched nationally. At this point in our trading calendar we have much work to do, but we expect to approach the key Christmas period in good operational shape and with exciting offers for our customers.”

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