HMV announces fall in Christmas sales
HMV sales have dropped over the festive period
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Thursday, 14, Jan 2010 12:30
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Top music chain HMV has reported a drop in sales over the Christmas season, due to group poor performance from their book shop Waterstone's.
HMV, which runs 420 stores and 313 Waterstone's stores, said group sales declined 1.2 percent in the five weeks to January 2 and Waterstone's sales declined by 8.5 per cent due to bad weather and poor trade.
The group has brought in new management to overlook and refresh the Waterstone's chain after a weak performance.
Dominic Myers will take the position with former manager Gerry Johnston to leave both Waterstone's and the HMV group.
Waterstone's is now the only UK based specialist bookseller after the collapse of the Boarders chain at the end of last year.
Commenting, Simon Fox, HMV chief executive said: "Whilst the recent performance of Waterstone's has been unsatisfactory, it remains an excellent business and brand, with a great opportunity as the only remaining specialist bookseller on the High Street,"
"I am therefore confident that the changes we are making to this business will enable us to transform its performance."
No Waterstone's stores are expected to close despite poor sales which are thought to have stemmed from a weak delivery of non-fiction and autobiographies and by large discounts from Boarders as they went in to administration.