James Lee
11:11 (BST)
05/09/2008
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Videogames boost HMV sales
HMV Group has revealed that its 18-week revenue increased as demand for consoles compensated declining sales at the Waterstone's bookshop chain, according to Bloomberg.
Revenue climbed 4.1 per cent at those HMV stores open for at least a year, with some stores dedicating more space to videogames, which now make up about a fifth of sales.
Results from videogame products were enough to offset disappointing sales at the Waterstone's branches, hampered in the company's view by a glut of non-fiction titles.
"Buoyant market conditions and increased participation in games and technology was key to the top line growth,'' said Matthew McEachran, an analyst at Kaupthing in London.
HMV's share price fell to 2.25 pence, or 1.7 per cent, to 129.5 pence today, but its shares have gained 8.4 per cent throughout the year.
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