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HMV is looking forward to a bumper Christmas as games console prices have been slashed, new top video game releases hit the shelves and its Waterstone's book chain stocks up on new publications from the likes of Jamie Oliver and Dan Brown.
“We've made a steady start to the year,” said chief executive Simon Fox, who recently shrugged off recruiters trying to get him to head ITV but now says he is “totally committed” to HMV.
“It's no secret the games market has been very tough with sales down about 30% as a result of no really good new releases,” he said. “But we've been winning market share for HMV in the UK. It's still a tough consumer environment but the bulk of our sales are at relatively low price points which means they are more dependent on good releases than the underlying economic environment.”
Same-store sales across the group fell 1.8% in the 18 weeks to last Friday, with HMV UK up 1.7%, Waterstone's down 3.4% and HMV International down 12.6%.
The group is buying a 50% stake in 7digital, a London-based music digital download business which deals with all the major record labels.
