3rd May 2007 07:01
HMV Group PLC03 May 2007 3 May 2007 HMV Group will today hold a pre-close conference call for analysts and investorsin respect of the 52 weeks ended 28 April 2007. Management is confident that Group profits before tax and exceptional costs forthe full year will be in line with market expectations. Total Group sales forthe full year fell by 2% at constant exchange rates, including a 3.5% like forlike decline. Commenting, Simon Fox, Chief Executive Officer, said: "The markets in which the Group operates have continued to be extremely tough. "However, as we stated on 13 March, our businesses are now planning on the basisof continuing market change, and I am confident that the initiatives we areputting in place to reduce our costs, revitalise our core business and grow ourrevenues are being pursued at pace and will lead to a turnaround of the Group'sperformance. "HMV UK begins the roll-out of electrical products to 20 stores this month andwill launch 'store of the future' trials in the West Midlands and TunbridgeWells this summer, while sales for HMV.co.uk continued to grow by 150% over the16-week period. New Children's book and stationery departments are now beingrolled out in Waterstone's. In HMV Canada, our e-commerce website has beensuccessfully relaunched and games are now being sold in 77 stores. A good starthas also been made to our cost-saving programme, including the disposal in thecalendar year to date of eight Waterstone's stores." Contacts: HMV Group 01628 818 355Simon FoxNeil BrightPaul Barker Brunswick 020 7404 5959Susan GilchristEilis MurphyAlex Tweed Trading Update------------------ ----------------- ------------------ 16 weeks ended 52 weeks ended 28 April 2007 28 April 2007 % Like for like Total Like for like Total sales growth(2) sales growth(2) sales growth(2) sales growth(2)------------------ ---------- ---------- ---------- ----------HMVUK & Ireland (2.0) 1.0 (3.4) (0.5)Asia (3.9) 0.5 (3.1) (5.0)Canada (5.8) (3.0) (3.3) 1.0------------------ ---------- ---------- ---------- ----------Total HMV (2.9) 0.4 (3.3) (1.2)Waterstone's (7.3) (7.8) (4.1) (4.7)------------------ ---------- ---------- ---------- ----------HMV Group (3.9) (1.5) (3.5) (2.0)------------------ ---------- ---------- ---------- ---------- (1) The 16-week period ended 28 April 2007. (2) Like for like sales growth and total sales growth are stated at constant exchange rates. (3) HMV Group's like for like sales performance measures stores that were open at the beginning of the previous financial year and that have not been expanded, closed or resited during that time. It includes sales from Internet sites in the UK and Japan. Stores resized (up or down) are excluded from like for like sales performance. Sales are only ever the net amount received. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Hmv Group