HMV still confident after poor summer

Music giant HMV, which also owns the Waterstone's book chain, remains upbeat despite reporting flat underlying sales for summer.

"After a satisfactory first five months of the new financial year, and with a strong release schedule of books, music and particularly DVDs for Christmas, we are confident of again achieving our financial targets," said Chairman Eric Nicoli today, ahead of the group's annual meeting.

HMV makes about 90% of its profits in the second half of its financial year, which ends in April. DVDs are among its more profitable items.

Analysts are on average anticipating profit of about £108m (€155m) this year. HMV has not detailed its own targets.