A Brave southerner has kindly emailed the statement waterstones released on theor internal website. But then it was hidden away in the archives so clearly they are not managing this greatly. None of the staff at this sources store has been told anything
This morning the Group announces to the Stock Exchange our interim Management Statement including an update on trading for the 5 week Christmas period ending 1 January 2011. As you know, Christmas trading at hmv was extremely difficult. The combination of the challenging entertainment markets, which have remained weak, combined with the severe weather in the UK over the peak trading period had a severe impact on customer footfall. Consequently, despite everybody's hard work and commitment, results have been very disappointing with hmv UK and Ireland recording a 13.6% like for like decline for the 5 week Christmas period and hmv International delivering an 8.9% decline for the same period. Trading in Waterstone's was stronger, reflecting the turnaround activities implemented throughout 2010, resulting in the December month finishing just slightly down when compared to last year's performance. As a result of the Christmas trading performance across the Group and the ongoing challenging economic conditions being faced by all retailers, we will need to tightly manage our cost base in the months ahead. Consequently, having reviewed our UK store portfolio we are planning to close up to 60 stores in the course of the next 12 months across the combined hmv and Waterstone's estates. Where we do close a store, we will make every possible effort to ensure that colleagues are relocated to neighbouring stores. In addition we will also continue our ongoing programme of reducing costs and have identified a further £10 million of cost savings across the Group. I, like you, am extremely disappointed with the situation we find ourselves in but feel that these actions are necessary to safeguard the future success of the Group. We remain a profitable, cash generative business with unique and inspiring brands, much loved by our customers and I remain confident that, with the actions we will be taking in the months ahead as we continue to transform our business and evolve our product mix, our performance will once again improve. Finally, let me take this opportunity to thank you for your hard work and commitment over the Christmas period. Kind regards, Simon
Southern Bookie
First of all-twats. It doesn't help that both HMV and Waterstones own websites undercut their own stores. If you offer the same boxset for £10 online that you sell for £40 in stores, especially during this difficult time, people will buy online. It also doesn't help that in some cities-Liverpool for example-you have two stores, both of which stock different selections of books in different quantities with different special offers.
ReplyDeleteI agree completely with point no1 as the website and a store should have the same offers but as far as I know whenever I've went into 2 different shops they havent had different prices unless said store is in an airport or in London
ReplyDeleteFirstly....if its cheaper online, get it online, the money still goes to the same comapny so it's irrelevent, they don't have to pay the overhead for the websites therefore they can be cheaper.
ReplyDeleteTowns with 2 stores will obviously be the first to go. It's a good oppertunity to trim some poor performing stores, sad for the staff.
Dear admin can you please tell me what is this Interim management about?
ReplyDelete