HMV, parent company of Waterstone's, announced the financial results of the year ending April 28, 2007. Total sales of merchandise increased 3.8 percent, inclusive of a 3.5% fall in like for like sales. Like for like sales up 3.8%, including an 8.8% increase in HMV UK & Ireland. Chief Executive Simon Fox commented, "The turnaround plan we announced in March is progressing well and we are on track. The benefits of our actions are beginning to come through and are reflected in the good start we have made to our new financial year."