HMV decline slows over Christmas HMV Group received a modicum of respite over the Christmas period as the lossmaking music retailer reported a slowing of the decline in sales. Overall like-for-like sales were down 8.1 per cent in the five weeks to December 31, narrowing the downturn since the half year from 11.6 per cent to 9.7 per cent. "It's broadly in line with what we were expecting, [but] clearly these are still disappointing results," Simon Fox, HMV's chief executive, said on Monday. We feel confident the measures we're taking to turn the business around are starting to bear fruit, especially the technology initiative . . . we have a supportive supplier and banker base. The trading update will provide investors with little comfort since plunging sales of CDs and DVDs caused HMV to issue three profit warnings in 2011, forcing the sale of its Waterstone's book chain and the HMV business in Canada. Refitting 144 stores to showcase technology products, such as headphones, speaker docks and tablet computers, slowed the rate of decline in like-for-like sales. The company said technology like-for-like sales were up 51 per cent over the Christmas period. However, Peter Smedley, an analyst at Charles Stanley, said technology sales were not enough to offset declines in CDs, DVDs and games. "This has not been enough to offset the still pronounced sales decline in HMV's core heritage products, albeit management comment that the rate of decline has slowed," he said. Despite progress on many fronts in the face of overwhelmingly challenging conditions, we still see little reason to own the shares. The retailer warned last month that poor trading together with a £160m debt burden "may cast significant doubt" on its future. HMV has instructed Citigroup to find a buyer for HMV Live, its live concert business, which was its only profitable division at December's half-year results. HMV acquired its live music business, the Mama Group, for £60m in January last year. The business reported a first-half operating profit of £3.4m, up from £1.5m a year ago. Mr Fox said there was no specific deadline for the "strategic review" of the business.