Senior HMV directors have bought shares in the retailer, signalling their confidence in its turnaround.

HMV chief executive Simon Fox bought 92,202 shares and finance director Neil Bright bought 35,000 shares yesterday at 107.5p a share.

Last week, the retailer reported group sales for the five weeks to January 5 climbed 9.9 per cent and 9.4 per cent on a like-for-like basis.

HMV is part way through a three year plan to turn the business around after being hit by falling profits in the face of competition from supermarkets and online retailers.

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