HMV Group has reported an increase in online sales of 60% at Waterstone's
— but only 16% at HMV
in its preliminary results for the year to 25 April, 2009.
Overall group sales grew 4.4%, with HMV UK & Ireland recording a like for like increase of 1.9% while Waterstone's recorded a sales drop of 3.8%.
"At the end of the second year of our three year transformation plan the Group has delivered further profit growth, despite the challenging retail environment," says chief executive Simon Fox. "I am confident that we have the right strategy in place to continue to build a strong and vibrant business for the future."