HMV sales surge

In a pre-close trading statement, HMV Group, including Waterstone’s, posted like-for-like sales up 7.3 per cent for the 52-week period and 10.1 per cent in the 16 weeks to the same date.

HMV chief executive Simon Fox said: “As we complete the first full year of our three-year turnaround plan, we are ahead of where we expected to be. We have made good progress driving forward our strategic initiatives to increase efficiency, revitalise our core business and establish new channels to market. We still have much to do, but I am confident that the group is well positioned for the next phase of our transformation.”

HMV UK and Ireland was the group’s star performer, delivering total sales growth of 15.4 per cent and like-for-like sales up 11.4 per cent.

This growth accelerated in the most recent period, as HMV UK and Ireland like-for-likes soared 13.8 per cent.

HMV Group said that gross margins were “well-managed and in line with previous guidance”. Its six next generation of stores have delivered a “positive performance”, providing the basis for a further roll-out.

Management is confident HMV group pre-tax profits for the year to April 26 will be at the upper end of market expectations, between£46 million and£58 million.