Waterstone’s owner HMV today said the book market had come under strain as it bore the brunt of a downturn in consumer spending.
The high street bookseller saw its like-for-like sales drop 3.1 per cent in the 26 weeks to October 25th. The comparison showed a 1.4 per cent fall when adjusted for the impact of
Harry Potter and the Deathly Hallowson last year's result.
HMV said its markets had deteriorated since the end of October in line with a general downturn in consumer confidence. It added the book market has seen a "marked deterioration" in the five weeks to November 29th.
Waterstone's operating loss before exceptional items increased in the first half year to £9.3 million from £8.9 million in 2007.
HMV said the book market as a whole contracted 5 per cent during the period and had been particularly hit by poor performance in the non-fiction category.
Like-for-like sales at the HMV music chain were ahead 1.6 per cent, with operating losses over the seasonal quieter trading period narrowing by £400,000 to £12.7 million.
Losses before tax for the group were £27.5 million, against £28.7 million a year earlier.
Agencies