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World Cup affects HMV sales
HMV posted a 10.6% decline in first quarter sales as customers were distracted by the World Cup.
The group said UK & Ireland like for like sales in the 19 weeks ended 4 September 2010 fell 14.9%.Like for like International sales at the music chain fell 8.1% during the period. Sales at Waterstones fell 2.6%.
Chief executive Simon Fox commented, "Trading during the first quarter of the new financial year has been difficult, particularly in HMV UK & Ireland, where the World Cup disrupted the pipeline for new entertainment product, and the games market continued to be weak."
Fox added, "In line with our new strategic plan, over the summer we progressed the changes to our stores that will enable us to drive our new fashion and enhanced technology offers. These initiatives, combined with a stronger product line-up, particularly in games, are key to the delivery of a successful Christmas."
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