HMV sales up 4.3 per cent

HMV has revealed details of its latest 18 week trading period ending August 30th 2008, seeing total sales growth of 8.6 per cent for HMV UK and Ireland. Like-for-like sales growth reached 4.3 per cent, driven by strategic moves to increase its presence in the games and technology markets.

In contrast, Waterstone’s like-for-like sales were down (when excluding sales of Harry Potter and the Deathly Hallows) due to a flagging book market.

In what is, undoubtedly, a tough consumer environment, the solid start made by the Group to the new financial year means that our plans are in line with the Board’s expectations, and I remain confident that our strategic initiatives are on track,” commented Simon Fox, HMV’s chief exec.

As we approach the peak selling period, our focus is on continuing to provide our customers with the very best offers, from what is shaping up to be a strong line-up across all product categories for Christmas,” he added.

The firm added that gross margins for the period are in line with previous guidance.