Warning that difficult trading in the run-up to Christmas will lead to disappointing profits
HMV is the latest high street name to warn that difficult trading in the run-up to Christmas would lead to disappointing profits.

Chief executive Simon Fox said: 'I wish Christmas was stronger than it is, but we've still got the peak days ahead of us.'

He insisted that the business could make a comeback in the longer term. 'We're optimistic, because we're the market leader. There's room for a specialist music, film and book retailer on the high street and we're by far the most effective,' he said.

At the eponymous UK and Ireland chain, like-for-like sales for the 12 weeks to December 16 were up 0.6 per cent. Comparable sales at book chain Waterstone's fell 3.7 per cent.

The value of the UK music market as a whole plunged by 14 per cent in October and November.

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