HMV holiday sales down 16%
Like-for-likes better than expected, technology is growth sector as entertainment declines
Entertainment retailer HMV has revealed that sales over the five week Christmas period dropped 16.6 per cent.
Like-for-like sales were down 8.1 per cent for the five week period ended December 31, better than expected since the last statement.
In the nine weeks since HMV reported half year results, sales were down 18 per cent and like-for-likes 9.7 per cent.
A key area for growth for the company has been in technology products - of the 144 stores selling portable digital products, like-for-like sales were up 51 per cent in the five week period.
"The continuing actions to focus the business and to expand our technology offering are beginning to show through," offered Simon Fox, chief executive.
"We are seeing a combination of a slowing of the decline in music and film, and acceleration in the growth of technology. Undoubtedly trading conditions and the consumer environment remain challenging, but we remain confident in HMV's future prospects."