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HMV hopes on new releases as sales fall

Like-for-like sales down 11.6 per cent, but firm expects stronger Christmas

Retail group HMV has reported a notable sales loss for the 20 week period to September 15, with its stores hit by a drought in games, music and films.

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Like-for-like sales fell 11.6 per cent, while total group sales fell by about 15 per cent during the twenty-week period.

Earlier in the year the company reported an annual loss of £16 million, but it hopes that with key Christmas releases it can make £10 million profit by April.
HMV's shares fallen more than 90 per cent over the past two years, leaving the business with a market value of about £12 million.

The group, which has around 250 stores, reports that there is encouraging growth in portable digital technology.

Chief executive Trevor Moore said the like-for-like decline was easing by September, and that the firm "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".

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