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HMV Group PLC
09 May 2008
Pre-close update
9 May 2008
HMV Group plc will today hold a pre-close conference call for analysts and
investors in respect of the 52 weeks ended 26 April 2008, including a trading
update for the last 16 weeks of the financial year.
TRADING UPDATE
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16 weeks ended 52 weeks ended
26 April 2008 26 April 2008
% Like for like Total Like for like Total
sales growth 1 Sales growth 1 sales growth 1 sales growth 1
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HMV
UK & Ireland 13.8 18.4 11.4 15.4
International2 2.2 5.3 (1.3) 1.7
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Total HMV 11.8 15.9 9.2 12.9
Waterstone's 6.6 3.4 3.3 4.7
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HMV Group 10.1 11.9 7.3 10.3
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1. Like for like sales (decline) growth and total sales (decline) growth
are stated at constant exchange rates.
2. HMV International comprises the results of HMV Canada, Hong Kong and
Singapore. The comparative period has been adjusted to exclude HMV Japan, which
was sold on 25 August 2007.
16 weeks ended 26 April 2008
• Group total sales up 11.9%, including like for like growth of 10.1%
• Gross margins well managed and in line with previous guidance
• Positive performance from Next Generation stores provides basis for
further roll-out
52 weeks ended 26 April 2008
• Management is confident that Group profits before tax and exceptional
costs will be towards the upper end of market expectations*
• Cash generation has also strengthened, with the Group broadly debt free
at the year end
Commenting, Chief Executive Simon Fox said:
'As we complete the first full year of our three-year turnaround plan, we are
ahead of where we expected to be. We have made good progress driving forward our
strategic initiatives to increase efficiency, revitalise our core business and
establish new channels to market. We still have much to do, but I am confident
that the Group is well positioned for the next phase of our transformation.'
* Market expectations for pre-tax profit for the financial year ended 26 April
2008 are in the range of £46.0m-£58.0m (Reuters Knowledge / HMV Group plc.)
Preliminary Results for the 52 weeks ended 26 April 2008 will be on 1 July 2008.
In accordance with the Group's reporting calendar revised in June 2007, the G
roup's next trading update will be included within an Interim Management
Statement on 5 September 2008, the date of the Group's AGM.
Enquiries
HMV Group Simon Fox Group Chief Executive 020 74327163 **
Neil Bright Group Finance Director Finance Director 020 74327163 **
Paul Barker Director of Corporate Communications 020 74327163 **
Brunswick Susan Gilchrist 020 7404 5959
Eilis Murphy
Alex Tweed
** All enquiries on 9 May 2008 should be directed via Brunswick.
This information is provided by RNS
The company news service from the London Stock Exchange
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2006 MoneyAM© |
