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Waterstone's sales have dropped 2.6% in the 18 weeks since the end of parent HMV's financial year, the company has said. On a like-for-like basis sales are down 3.4% at the bookshop chain in the period to 20th August. HMV said the figures were "broadly in line with the book market".
HMV also announced that it was acquiring a 50% equity stake in 7digital, an international digital media company, for £7.7m in cash. HMV said 7digital's technology platform would provide a new and enhanced e-books store, enabling Waterstone's to "build on its leading position in the fast-growing market for digital books". 7digital's technology platform powers digital entertainment services, such as Spotify, and Last.fm.
Simon Fox, HMV group chief executive, said: "In a tough consumer environment, the group has made a solid start to the new financial year. Our plans for the peak selling period are in good shape, and with a strong line-up across all product categories our focus is on providing our customers with the very best offers for Christmas." He added: "The strategic initiatives that comprise our three-year plan are on track, and beyond this we are continuing to drive new initiatives for further growth."
At the HMV chain sales rose 12.5%, or by 1.7% on a like-for-like basis. Overall, the HMV Group recorded sales growth of 4.4%, with sales down 1.8% on a like-for-like basis.