Waterstone's replaces MD after "unsatisfactory" Christmas sales
Published: 15 January, 2010
HMV Group has replaced the managing director of its bookselling business Waterstone’s, describing the business’s recent performance as “unsatisfactory”.
HMV said it was appointing Dominic Myers as managing director at Waterstone’s, replacing Gerry Johnson who will now leave the group.
Like-for-like sales had declined by 8.5 per cent across Waterstone’s Christmas trading period. HMV chief executive Simon Fox said:“Whilst the recent performance of Waterstone’s has been unsatisfactory, it remains an excellent business and brand, with a great opportunity as the only remaining specialist bookseller on the high street. I am therefore confident that the changes we are making to this business will enable us to transform its performance.”
In contrast, the group’s music and DVD selling business, HMV UK, enjoyed record trading for a third successive Christmas, with total sales growth of 14.6 per cent driven by what HMV termed an “excellent” performance of its ex-Zavvi and temporary Christmas stores.
HMV UK & Ireland like-for-like sales were up 2.2 per cent during the Christmas 2009 period, with over 27 million CDs, DVDs and games sold in HMV UK alone.
Fox added: “As we approach the final part of our three-year plan to transform the group, it is pleasing to report that HMV UK has enjoyed record trading for a third successive Christmas. Consequently, we remain confident in the outlook for the group for the current financial year.”
