Entertainment retailer HMV suffered a like-for-like sales slump of 11.6% in the 20 weeks to September 15 but remains confident it will benefit from a strong release schedule in the run-up to Christmas.
HMV blamed the fall on the expected “very quiet new release schedule in the Group’s core music, visual and games markets”. It said that despite the decline in sales, it increased share in these markets.
Taking into account store closures in the period, total sales slumped 14.8%.
HMV chief executive Trevor Moore, who joined earlier this month, said: “These numbers reflect the challenging markets in which we operate.
“However, the like-for-like decline was less marked towards the end of the period and we should be helped in the remainder of the year by a strong pipeline of new releases in the music, DVD and games markets ahead of Christmas.”
Sales of portable digital technology products “continue to grow strongly, driven by the programme of store refits and the continuing evolution and development of our in-store service proposition”, HMV said.
HMV completed the disposal of the Hammersmith Apollo for £32m in the period, enabling it to amend the terms of its existing £220m bank facility, which has been extended by a further year to September 2014.
HMV still aims to sell the remainder of its Live business.
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