HMV enjoys 'best' Christmas period

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HMV has said that its music business enjoyed its best ever Christmas but Waterstones failed to make gains in the festive period.

The group said like-for-like sales in HMV UK and Ireland were up 3% in the five weeks to January 3.

But the Waterstones parent said its bookselling business suffered declining sales of 2% as the retailer continued to feel the strain of a downturn in consumer spending.