HMV has revealed that UK and Ireland sales were up by 12.5 percent and like-for-like up 1.7 percent, for the 18 weeks leading up to August 29 with sales up 4.4 percent across the whole group.
“In a tough consumer environment, the Group has made a solid start to the new financial year,” said CEO Simon Fox. “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.
“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.”
HMV also revealed plans to acquire 50 percent of 7digital £7.7 million. 7digital will now become “the sole supplier of HMVs digital operations, with its catalog of over six million digital music tracks as well as video entertainment,” reports GI.biz.
“Combining our experience in digital and HMV’s brand, customer base and wealth of experience in music, video, games and book retail, we are creating a powerful force in digital entertainment,” said Ben Drury, CEO of 7digital.
“With consumer adoption of legal digital media now reaching the mass-market, this joint venture partnership is great news for our customers and suppliers.”
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