HMV profits jump 25.5% to 56.6m

Retailer HMV has reported a 25.5% surge in annual profits to 56.6m, boosted by strong demand for video games such as Nintendo DS More Brain Training and Mario & Sonic at the Olympic Games for the Wii. Its bookselling business Waterstone’s saw sales rise by 3.3%.

Retailer HMV has reported a 25.5% surge in annual profits to £56.6m, boosted by strong demand for video games such as Nintendo DS More Brain Training and Mario & Sonic at the Olympic Games for the Wii. Its bookselling business Waterstone’s saw sales rise by 3.3%.

Like for like sales in the year to April 26 rose by 7.3% across the group, rising 11.4% at HMV UK and Ireland.

Last year the entertainment retailer began a three-year programme to turn around its business after being hit by falling profits, after coming up against strong competition from supermarkets and music downloads.

HMV has said that it will roll out more “next generation” stores featuring a “social hub”, entertainment websites and games zones. It will also start selling second-hand video games, which customers have traded in part-exchange for newer products.

HMV chairman Carl Symon will step down at the company’s annual general meeting in September to pursue new interests. The board says it has started searching for a successor.

HMV Group operates 379 HMV stores worldwide and 313 Waterstone’s outlets. It sold off its Japanese business last year.

Latest from Marketing Week

NOT REGISTERED? IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now

THE BEST CONTENT

Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here