HMV sales still plunging
Published 09/09/2011 | 08:45
The UK boss of struggling entertainment group HMV today vowed to press on with plans to overhaul its technology offering as he reported another plunge in sales over the summer.
HMV chief executive Simon Fox said the first six 'Fast Forward' stores - where up to 25% of floor space is devoted to gadgets such as iPods and tablet computers - recorded a doubling in like-for-like sales in the 18 weeks to September 3.
Mr Fox said HMV would this month continue to roll-out these space changes at the majority of the retailer's 150 stores after unveiling a 15.1% decline in like-for-like sales across the HMV Retail network.
Elsewhere, HMV, which earlier this year sold book chain Waterstone's and HMV Canada in order to seal a deal with its lenders, saw a 19.4% drop in total group sales, which includes its concert arm HMV Live.
The results cap a poor week for retailers in the UK makret after Argos and Homebase owner Home Retail Group, PC World and Currys parent Dixons Retail and chocolatier Thorntons all revealed falling sales amid a tough consumer environment.