HMV sales growth slows

LONDON: Music, DVD, games and book retailer HMV Group PLC said Friday that its sales continue to grow, but at a much slower pace as consumers begin to halt purchases as the economic climate worsens.

HMV said that like-for-like sales across its group rose 1.3 percent in the 18 weeks to the end of August, significantly slower than the 10.1 percent growth previously.

The group's book retailing arm, Waterstone's, was the weakest link, posting a 4.3 percent slump in like-for-like sales, reflecting a weaker book market and tough comparisons with the previous period.

However, chief executive Simon Fox said that the results were in line with expectations ``in a tough consumer environment.''

``I remain confident that our strategic initiatives are on track,'' Fox added in the trading update ahead of the company's annual general meeting later Friday.