Member Article

HMV woes continue

HMV have reported further falls in sales, suggesting a lack of new releases across the summer was to blame.

Like-for-like sales declined by 11.6% across the HMV Retail business, and total Group sales declined by 14.8%.

The company said sales of portable digital technology devices, products and services continued to grow, driven by in-store service proposition.

Trevor Moore, Chief Executive, 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.”

The Group has recently sold the Hammersmith Apollo for £32m, as part of a cost-cutting review across its live music business.

This was posted in Bdaily's Members' News section by Tom Keighley .