| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: GENERAL RETAILERS |
Ottakar's reveals drop in sales |
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Tue 23 May 2006
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LONDON (SHARECAST) - Book seller Ottakar's said it is still in discussions with HMV regarding a possible takeover as it revealed a drop in recent sales.
The group, which recently rejected a renewed indicative cash offer from HMV, said like-for-like sales were down 8.0% when compared with the same period last year.
Sales during the sixteen weeks to 20 May 2006 were 4.0% lower when compared with the same period last year, it said.
However in the group said recent figures suggest that the slow start to the year may be improving.
"As recently announced, we are still in discussions with HMV following their approach regarding a possible offer for the entire share capital of Ottakar's. The Board are keen to finalise any discussions as quickly as possible," the group said.
It added, "The outcome for the full year will be determined by the key Christmas trading period. We are, however, on course to meet market expectations in the current financial year."
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