HMV Ups Sales and Profit for Year

UK music, DVD, games and books retailer HMV has upped its pre-tax profits by 11.5 percent to £63 million ($104 million) on group sales up 4.4 percent for the year to April 25, with games and technology now accounting for 24 percent of the product mix.

HMV like-for-likes for the UK and Ireland were up 1.9 percent for the year, while bookstore Waterstones’ like-for-like sales were down 3.8 percent.

“At the end of the second year of our three-year transformation plan the group has delivered further profit growth, despite the challenging retail environment,” says Simon Fox, chief executive officer. “We are continuing to adapt to meet the changes in our markets and, while there is still much to do, our plans for the third year of our program are on track.”

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