Like-for-like sales up 7.3%

Overhaul music to HMV’s ears

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Entertainment retailer HMV confirmed yesterday it was one of the high-street winners from the past year after a group-wide overhaul lifted like-for-like sales 7.3%.

The group, which runs the eponymous music and game stores plus the Waterstone’s book chain, said its turnaround plan was ahead of schedule as same-store sales growth at its UK and Ireland HMV outlets was further ahead, at 11.4%. It said group sales in the 12 months to April 28 had risen 10.3% year-on-year, with a 4.7% improvement for Waterstone’s.

HMV management said it was confident that underlying pre-tax profits for the year would be towards the upper end of expectations.

In the previous year, the group, which operates about 700 stores in the UK and Ireland, saw like-for-like sales dip 3.5% as sales struggled amid tough high-street and digital competition.

Chief executive Simon Fox launched a revival plan at the beginning of 2007, which included store revamps, a focus on big-selling games and consoles, and a digital-music and online push.

He said yesterday: “As we complete the first full year of our three-year turnaround plan, we are ahead of where we expected to be.”