Britons spend at HMV

17-01-2008

Britons spend at HMV
HMV, one of the largest music, DVD and computer game retailers in the UK and Ireland, has announced that year-on-year Christmas sales were up 9.4 per cent.

The positive announcement comes amid poor performances from many retailers during the holiday trading period.

Woolworths said that retail sales were down 3.2 per cent, while JJB Sports and Marks & Spencer both announced negative figures during the key trading time.

The growth shows that many Christmas shoppers decided to buy their loved ones entertainment products and video games, instead of making trips to general retailers, such as Woolworths.

The statement said that the group experienced "strong sales and market share performance across all product categories" in the five weeks ending January 5th.

Simon Fox, chief executive of the music retailer, called it a "highly successful Christmas" and went on to say that the group was "well positioned" for 2008.

Online sales helped promote "rapid sales growth", while the company has enjoyed an upswing in the gaming market.

In the five-week festive period, like-for-like sales at Waterstone's books, which is owned by HMV, were up four per cent. HMV, which runs over 200 stores in the UK and Ireland, also said that comparable sales were up 14.1 per cent in that region alone.

International sales, however, showed a slip of 0.6 per cent over the same period and a larger slip of 1.5 per cent for the last half year.

The music and entertainment retailer's share price has increased to 103.25p, adding more than two per cent in early trading today. Shares rose four per cent yesterday.

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