Today is not looking to be a very good day for the UK’s most prominent bookstore chain. That’s because the company’s parent owner, HMV Group, reported a decline in like-for-like sales over Christmas and a loss for the past six months, calling trading “difficult,” according to the BBC. Like-for-like sales – which ignore new store openings – fell 0.8% in the five weeks to 6 January, though price cuts helped raise music store sales by 0.7%. Even worse, like-for-like sales at Waterstone’s fell 2% over the festive period.
The bad news may explain HMV’s second announcement, that its UK and Ireland managing director, Steve Knott, is stepping down at the end of the month after 16 years at the company. “We both agreed that now is the right time for him to move on and to bring fresh blood and fresh thinking into the group,” said chief executive Simon Fox, who will stand in for Knott until a new UK boss is found.