Retailer eyes boost from Christmas releases
economy: Struggling retailer HMV has admitted its trading woes continued over the summer as it pinned recovery hopes on a strong line-up of festive releases.
The group, which has about 250 stores, said like-for-like sales fell 11.6 per cent in the 20 weeks to September 15, although the rate of decline slowed towards the end of the period thanks to new technology ranges.
New chief executive Trevor Moore expects trading to be boosted by a strong line-up of music, film and games launches ahead of Christmas, with offerings from X Factor winners One Direction, Robbie Williams, a James Bond 50th anniversary boxset, a new Samsung Galaxy tablet computer and new Apple iPods due for release.
The group said there had been a "very quiet" release schedule of new music, DVDs and CDs in the period.
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HMV, which slumped to a loss of £16.2 million in the year to April 28, has been embroiled in a turnaround struggle in recent years after being hit by the demise of the high street and competition from internet downloads. But it hopes to make profits of at least £10 million this year.