HMV tunes in to sales growth

Music and books retailer HMV today said it was in good shape for Christmas after reporting strong sales over the past three months.

The group, which also owns the Waterstone’s bookstore chain, said the period from June until mid-September had seen like-for-like sales improve by 2.5% on a year earlier, up from the 1.4% rise achieved in the previous eight weeks.

Total sales at constant exchange rates grew by 6.1% with Waterstone’s delivering a strong performance following a 5.5% improvement.

Chairman Robin Miller, who in June announced 21.9% rise in annual profits, said the latest figures on sales and market share offered encouragement.

He added: “At this stage of the year we are very much on track and are well positioned for the important Christmas period.”

The company, which has 550 outlets worldwide, said HMV in UK and Ireland benefited from the addition of 10 new stores in the UK as total sales rose 6.8% in the period from June 20 to September 18. Like-for-like sales for the trading region were 1.4% higher.