The Bookseller.com

28th August 2008

« Headlines

Harry pushes sales at Waterstone's

06.09.07 Philip Jones

Waterstone's like-for-like sales increased by 2.6% in the 18-weeks to 1st September, according to an a.g.m. statement put out by parent HMV Group. The growth reflected "very strong sales" of Harry Potter and the Deathly Hallows. Removing Potter, like-for-like sales were flat on the prior year, the group admitted.

Total sales at Waterstone's were up 16.4% thanks to the impact of the Ottakar's acquisition in July 2006. The group said: "Waterstones.com continues to show good progress, with registered users up over 90% since the beginning of the calendar year. Waterstone's has continued to improve gross margins, which were up 40bps on last year, before the impact of Harry Potter and the Deathly Hallows."

The performance continues the positive growth at the bookseller since the end of its financial year on 28th April. In the eight weeks since the end of its financial year to 23rd June, the book chain reported a sales rise by 0.6% on a like-for-like basis.

Total Group sales were up 12.2% for the 18 weeks ended 1st September 2007, with like-for-like sales up 5.8%. At HMV UK & Ireland, which HMV group chief executive will continue to manage, total sales were up 12.5% over the same 18-week period, including like for like growth of 9.6%.

Carl Symon, HMV group chairman, said: "The group has made a pleasing start to the current financial year, with good momentum in sales, margins and cost management. Solid progress is being made on our strategic plans announced in March, including a successful disposal of HMV Japan for a consideration which the board believes represents best value for our shareholders. Furthermore, this week, HMV UK is opening its first 'next generation' store trials and Waterstone's customer loyalty card is being launched nationally."

He added: "At this point in our trading calendar we have much work to do, but we expect to approach the key Christmas period in good operational shape and with exciting offers for our customers."

Retail Financial Philip Jones waterstone's harry potter