Games push HMV profit up 25%

HMV has enjoyed more than 25 per cent year-on-year growth in profit, thanks to surging sales of video games.

The Group’s pre-tax profit increased 25.2 percent to 56.6 million for the year to April 26th, with the retailer ahead of plan after one year of its three-year turnaround strategy.

HMV said like-for-like sales at its HMV UK & Ireland arm were up 11.4 percent in the year to 1.87 billion, while Waterstone’s saw like-for-likes increase 3.3 percent.

Games and technology accounted for 21 per cent of HMV’s total business across the year, up from 14 per cent last year.

"We had a terrific year for games last year, with growth of about 60%," said Simon Fox, HMV’s chief executive.

"In the year in, we’re ahead of where we planned to be. We’re riding the game growth curve, and we’re riding ahead of the curve.”