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HMV sales up 10 per cent in '08

CEO Fox says retailer's three-year plan is on track to turnaround business

Entertainment retailer HMV has revealed that group sales for the year ended April 26 2008 have risen by 10.3 per cent.

For the the last sixteen weeks of the financial year sales were up 11.9 per cent, with like-for-like growth of 10.1 per cent.

The Group said it expects pre-tax profits for the full financial year to be at the upper end of GBP 46 – GBP 58 million.

The company is in the first year of its three-year strategy to revitalise the business, which involves a bigger commitment to online sales and to the videogames market.

“As we complete the first full year of our three-year turnaround plan, we are ahead of where we expected to be,” commented chief executive Simon Fox.

“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.”

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Matt Martin

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Matt Martin joined GamesIndustry in 2006 and was made editor of the site in 2008. With over ten years experience in journalism, he has written for multiple trade, consumer, contract and business-to-business publications in the games, retail and technology sectors.