HMV sees 14% sales growth

HMV has released details of its trading over the ten weeks to January 5, with an overall like for like sales growth of over 14 per cent.

Much of that improvement has come from strong hardware and software sales, which now make up 23 per cent of the group's overall sales, and while the overall market for videogames was up 32.1 per cent, HMV's videogames numbers were up by 44.1 per cent.

An HMV spokesperson told GamesIndustry.biz that while the numbers were pleasing, as more supply of Nintendo hardware becomes available and software sales increase as a result, there's "still a lot of growth to come."

And in the company's financial statement chief executive Simon Fox saw these results as a good base to work from.

"Less than a year into our transformation programme the initiatives we are undertaking to revitalise our business have helped to deliver a highly successful Christmas.

"Having stabilised the business, we will continue to focus on revitalising our store propositions as well as growing new channels to market and carefully managing margins and costs. The Group is, therefore, well positioned for the next phase of its turnaround."

Market estimates for the company's profit before tax stand in the GBP 43-53 million range, and at the opening of the London market the HMV share price had jumped almost 12 per cent to 112.75 pence.

HMV's results come just a few days after GAME posted a Christmas sales jump of 76 per cent.