EMI SALES UP SLIGHTLY

EMI said Friday (7/20) its first quarter sales had climbed 3% while operating profit remained in line with last year, despite a tough global music market.

EMI Chairman Eric Nicoli told investors at an annual general meeting that the worldwide music market had suffered a 6.4% decrease in the first quarter.

"Our performance in the first quarter of our fiscal year has been solid, with group sales 3% ahead and operating profit broadly in line with last year," he said. "Our share of the global recorded music market improved, and our music publishing business continued to make steady progress. Despite difficult and unpredictable market conditions, we have a strong release schedule and will continue to seek further ways to improve operating efficiencies while maintaining tight control of costs."