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21 September 2012 12:26
HMV has seen a further slide in sales, although it added that it was confident that sales would lift towards Christmas. In the 20 weeks ended September 15th, like-for-like sales dipped 11.6% as a very quiet new release schedule in the group's core music, visual and games markets hit home. Including the impact of previously announced store closures, total group sales declined by 14.8%.
However, sales of portable digital technology devices, products and services continue to grow strongly, driven by a programme of store refits.
Whilst the group has increased share in these markets, it has continued to experience significant market value declines.
The group also completed the disposal of the Hammersmith Apollo for £32m, which enabled it to successfully amend the terms of the existing £220 million bank facility with the existing lenders and extend it by a further year to September 2014. The company added that a strategic review of the remaining HMV Live business is ongoing.
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."
