HMV reports sales of £1.95 billion for end of fiscal year

HMV has reported sales of £1.95 billion for fiscal year ending April 25, with profits up £63 million.

Escalating profits were attributed to its Re/Play branding, and Gamerbase concessions in the Trocadero, with more pay-to-play locations planned for the next fiscal cycle.

"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 program are on track," said HMV 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."

Growth in games and tech in the UK and Ireland garnered 24 percent of sales, with the same category netting 12 percent of sales for HMV,  which also stocks DS titles and hardware in its  Waterstone's chain.

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