Waterstone's sales fall

Click to follow
The Independent Online

HMV Media, the retail group, reported increased quarterly losses in the three months to July, after another disappointing performance by its Waterstone's bookselling chain.

HMV Media, the retail group, reported increased quarterly losses in the three months to July, after another disappointing performance by its Waterstone's bookselling chain.

HMV reiterated that it has no plans to sell Waterstone's though speculation persists that Tim Waterstone, the chain's founder and HMV's chairman, will make an offer to buy the stores back. Group operating losses in the quarter increased to £4.6m compared to £1.3m last year. Waterstone's saw underlying sales fall by 3.8 per cent due to weaker sales of academic and schools books. HMV music stores lifted sales by 3.9 per cent. Christmas prospect are also good, the company said, due to a strong new release schedule including albums from Radiohead, the Spice Girls and U2.

Comments