Record Xmas for HMV

HMV group has reported a 14.6 per cent year-on-year increase in its UK and Ireland stores for the five weeks ending January 2nd 2010. For the ten weeks ending on the same date the growth stands at 13.4 per cent.

Like-for-like sales increased 2.2 per cent over the five weeks and 1.4 per cent over the ten weeks.

In total, sales at HMV Group were up 6.7 per cent for the ten weeks, with like-for-like sales down by 1.2 per cent.

Market share was said to have increased across all product ranges, with technology in particular impressing thanks to a year-on-year sales increase of 50 per cent. Also were credited were the range of ex-Zavvi stores set up temporarily over Christmas.

The retailer’s e-commerce operations were also on the up. No exact numbers were revealed, though double-digit sales growth” was reported. Full-year margins are expected to finish around 20 per cent up on the same period the year before.

Over 27m games, DVDs and CDs were sold over the period.

As we approach the final part of our three-year plan to transform the Group, it is pleasing to report that HMV UK has enjoyed record trading for a third successive Christmas,” chief executive Simon Fox stated.

Consequently, we remain confident in the outlook for the Group for the current financial year.

On behalf of the Board, I wish to thank all of the Group’s employees for their exceptionally hard work over the Christmas period, particularly in such difficult
weather conditions.”

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