RETAIL UPDATE: Sales growth for HMV

Samantha Loveday

By Samantha Loveday

April 29th 2009 at 10:37AM
RETAIL UPDATE: Sales growth for HMV

Group reports total sales growth of 4.8 per cent for 16 weeks to April 25th.

The HMV Group is expecting profit this year to be towards the 'upper end' of market expectations, as new results out today show that the chain is continuing to trade strongly despite challenging conditions.

Group total sales growth for the 16 weeks ending April 25th was 4.8 per cent, including flat like-for-like sales. HMV UK and Ireland total sales were up 11.7 per cent, with like-for-like growth of 4.3 per cent.

The acquisition of a further nine former Zavvi stores takes HMV's total up to 23, with sales transfers from overlap locations in line with company expectations.

Sales at Waterstone's, meanwhile, declined by 3.4 per cent, including like-for-like sales down 4.5 per cent.

Chief executive Simon Fox commented: "Despite challenging conditions, the group expects profits this year to be towards the upper end of market expectations. This has been driven by strong trading in HMV UK and Ireland, which continues to benefit from initiatives to transform the business, and from maximising the opportunities arising from competitors exiting the market."