Entertainment specialist HMV has posted a like-for-like sales fall of 15.1% in the first quarter but insisted that measures being taken to improve the business are bearing fruit.
HMV reported a total sales slide of 21.8%, taking into account the closure of 29 shops. Including the group’s live entertainment operations, total revenues were down 19.4% in the 18 weeks ended September 3.
However chief executive Simon Fox said that HMV’s move into new categories, principally technology, was delivering results.
Fox said: “In technology, like for like sales in our initial six ‘Fast Forward’ stores have continued to grow by over 100%, and during the first quarter we have been preparing our enhanced technology offer, the benefit of which is not included in our first quarter.
“The roll-out of these space changes to the majority of the 150 stores takes place during September, and is on track to be completed at the beginning of October.
He said HMV is now firmly focused on its turnaround strategy, following the sales of bookseller Waterstone’s and HMV Canada, and a £220m refinancing.
Fox said: “Overall, our plans for the Christmas trading period are on track, and we are focused on providing HMV customers with the very best offers across all of our product categories and live venues.”
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