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Friday, 9 September 2011

HMV sales still sliding

HMV has put out yet more disappointing results today showing that like for like sales are down 15.1% in the 18 weeks to September 3.  They are pressing ahead with six "Fast Forward" stores - where up to 25% of floor space is devoted to gadgets such as iPods and tablet computers - In the same period HMV recorded a doubling in like-for-like sales in these stores.  This is a good thing but it is perhaps too little, too late.  The writing on the wall for the current business model has been around for at least 3-4 years.

Argos and Homebase owner Home Retail Group, PC World and Currys parent Dixons Retail and chocolatier Thorntons have all recorded falling sales this month in what is turning out to be another tough time for retailers.  Internet sales have continued to rise month on month though.

Back in April of this year HMV said that it had not ruled out the possibility of a CVA to help it restructure.

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