MUSIC retailing rivals HMV and Virgin, which both operate major stores in central Brighton, unveiled near- identical trading figures for the Christmas trading period.

HMV Media reported that its HMV music stores saw like-for-like sales rise 3.5 per cent in the five weeks to January 8.

Virgin Megastores reported an identical 3.5 per cent like-for-like rise, though its figures covered a longer eight week period to January 15. Both companies also cited pressure on profit margins as chart music dominated recorded music sales.

HMV's chief executive Alan Giles said: "Overall, the group had a satisfactory Christmas. Despite a weak music release schedule, and heavy competitor discounting in the UK, HMV has maintained or improved market share and margins in all key markets."

Simon Wright, chief executive at Virgin Megastores, said margin pressure was a concern but said it had been "a successful Christmas for Virgin Megastores across the globe."

The Virgin stores also benefited from strong sales of the newly launched Virgin mobile phones, though computer games sales were weaker, the company said.

Meanwhile HMV Media's other business, the Waterstone's bookshop chain, saw its like-for-like sales for the five weeks to January 8 slump by 4.3 per cent.

Mr Giles said: "Despite increasing its level of price promotion and maintaining market share, Waterstone's performance continues to reflect a dull book market."

The group was formed in March 1998 with the HMV stores and Dillons bookshops being bought from EMI Group and Waterstone's acquired from WH Smith.

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