Like for likes slip at HMV
Group faces difficult trading conditions and intense competition from both online retailers and supermarkets.
At HMV UK & Ireland, total sales were down 1.2 per cent over the same 12-week period, including like for like sales down by 5.4 per cent. Total Group sales were up 9.5 per cent for the 12 weeks ended 23 September 2006, including the benefit of the acquisition of Ottakar’s. Excluding Ottakar’s, total sales showed an improved trend on the Group’s previous figures declining by 0.6 per cent in the 12-week period, including like for like sales down 3.7 per cent.
Waterstone’s total sales were down 3.6 per cent during including like for like sales down by 3.0 per cent.
Carl Symon, HMV Group plc Chairman said ‘The markets in which the Group operates, particularly music, continue to experience very difficult trading conditions. However, I am pleased to report that we are exactly on track with the implementation of the strategic initiatives which we outlined earlier this year. These include integrating Ottakar’s within Waterstone’s, simplified, lower prices in HMV UK and ramping up our online channels, with which we have taken our first major steps to becoming a truly integrated, multi-channel retailer.’
