As part of HMV‘s latest financial statement showing that its year to April 28 2007 profit before tax and exceptional costs will be in line with market expectations, AFX reports that Waterstone’s like-for-like sales for the 16-week period fell 7.3 pct — again worse than the nine weeks figure of down 6.1 pct. The markets in which the group operates have continued to be extremely tough,’ said HMV chief executive Simon Fox, who took up his post last September. ‘Our businesses are now planning on the basis of continuing market change, and I am confident that the initiatives we are putting in place to reduce our costs, revitalise our core business and grow our revenues are being pursued at pace and will lead to a turnaround of the group’s performance.’
To start the turnaround for Waterstone’s, new children’s book and stationery departments are now being rolled out in its shops. In HMV Canada, the e-commerce website has been relaunched and games are now being sold in 77 stores. Fox said a good start has also been made to the group’s cost-saving programme, including the disposal in the calendar year to date of eight Waterstone’s stores.