The Bookseller.com

4th July 2009

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Waterstone's Xmas sales down 2%

14.01.09

Waterstone's like-for-like sales dropped by 2% in the five weeks to 3rd January, parent company HMV Group has revealed. In the 10-week period to 3rd January, sales dropped by 4.1% on a like-for-like basis. Total sales at the bookshop chain dropped 0.9% over the five weeks, and by 3.2% over 10 weeks.

Last Christmas the chain reported like-for-like sales growth of 3.3% over the 10 weeks to 5th January, and up by 4% over the five weeks. Total sales were flat.

Parent company HMV has revealed that it has bought 14 Zavvi stores from the administrator, and that it intends to raise an unspecified amount of money from the placing of 5% of HMV's issued share capital. The group intends to issue 20m new shares, but has not yet set a price.

The HMV music chain recorded total sales up 5.8%, including like-for-like growth of 3% over the five week period, with growth of 0.6% and 3.4% respectively over the 10 weeks.

In total the group reported like-for-like sales growth of 0.5% in the five-week period, and a 1.3% decline over 10 weeks. Total sales at the group were up 2.9% over five weeks, and by 1% over 10.

Chief executive Simon Fox said: "It is pleasing to be able to report that the group performed well over Christmas against a very difficult consumer environment. Indeed, HMV UK enjoyed its biggest ever Christmas. Whilst trading conditions continue to be challenging, HMV Group is focused on delivering against its plan and taking advantage of the opportunities arising from the reshaping of the competitive landscape, and we are on track to meet our expectations for the full year."

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