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Retail

HMV sales up to 1.95 billion

Tue 30 Jun 2009 8:18am GMT / 4:18am EDT / 1:18am PDT
RetailFinance

Games and technology accounts for 24 per cent of sales in UK and Ireland

Entertainment retailer HMV's sales hit GBP 1.95 billion for the full year ended April 25, 2009, up 4.4 per cent, with pre-tax profits up from GBP 56.6 million to GBP 63 million.

The year includes the successful roll-out of HMV's pre-owned business, branded Re/Play, as well as opening Gamerbase concessions in the Trocadero, and stores in Manchester and Edinburgh, with the retailer planning more pay-to-play locations for the next financial year.

In the UK and Ireland, games and technology was a key growth area, accounting for 24 per cent of sales, up from 20 per cent last year, with share of the games market in the UK up 0.4 per cent, according to the company.

"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. We are continuing to adapt to meet the changes in our markets and, whilst there is still much to do, our plans for the third year of our programme are on track," said chief executive Simon Fox.

"We are also looking at further growth opportunities available to us, and are very pleased with the recently announced joint venture in live music and partnerships for film and mobile. I am confident that we have the right strategy in place to continue to build a strong and vibrant business for the future."

Sales of games and technology accounted for 12 per cent of sales for HMV International, an the company is also stocking DS games and related hardware in its Waterstone's book-selling business

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