Page last updated at 07:47 GMT, Thursday, 14 January 2010

HMV hit by poor Waterstone's sales

HMV store front
Underlying sales at HMV stores rose while those at Waterstone's fell

HMV has reported a fall in group-wide sales over the Christmas period, hit by a poor performance by its book shop business Waterstone's.

The retailer said group like-for-like sales - which strip out the impact of new store openings - declined 1.2% in the five weeks to 2 January.

While same-store sales increased 1.2% at the firm's HMV outlets, they declined by 8.5% at Waterstone's.

HMV also announced the appointment of a new managing director at Waterstone's.

Dominic Myers is to take on the position, with his predecessor - Gerry Johnson - to leave both Waterstone's and the wider HMV group.

Mr Myers, 47, has been HMV's group development director since 2007, after first joining the business in 2006 to lead the integration of the former Ottakar's book chain into Waterstone's.

Following the collapse of the Borders chain at the end of last year, Waterstone's is now the only UK-wide specialist bookseller with High Street stores.

"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," said HMV chief executive Simon Fox.

Print Sponsor

HMV in live music takeover deal
23 Dec 09 |  Business
HMV sees gains from fewer rivals
11 Dec 09 |  Business
HMV takes 50% stake in 7digital
03 Sep 09 |  Business
Top 40 faces new digital shake-up
21 Jun 09 |  Entertainment
Deal done for Spotify downloads
30 Mar 09 |  Technology
HMV helped by Woolworths' demise
30 Jun 09 |  Business

The BBC is not responsible for the content of external internet sites

Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit


Sign in

BBC navigation

Copyright © 2017 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific