HMV sales drop over quiet summer

 
City A.M. Reporter
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ttled music retailer HMV said today that like for like sales dropped nearly 12 per cent over in a “very quiet” summer.

Like for like sales fell 11.6 per cent in the 20 weeks leading up to 15 September and total group sales fell 14.8 per cent, following the closure of 60 of their 273 stores throughout 2011 and 2012.

HMV said it was further impacted by the lack of new releases over the summer period, with many in the UK being postponed during the Olympic Games.

Chief executive Trevor Moore today said that “strong pipeline of new releases” in the run up to Christmas would help boost sales.

But Mike van Dulken, head of research at Accendo Markets, said HMV was struggling under “potentially insurmountable pressure”.

The reported losses are part of a turnaround struggle that has affected the music retailer for several years, due to the increasing competition from internet downloads.

HMV shares were down around eight per cent in lunchtime trading.