HMV strategy pays off after 18 per cent rise in profits
HMV stores are now pushing into fashion, mobile phones and Blu-ray discs, while its swoop for festivals and gig venue owner MAMA Group has cemented its position in the fast-growing live market.
The firm has also overhauled Waterstone's after tackling supply chain problems, refocusing stores on local customer demand and selling almost one million e-books from its website so far.
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Hide AdThe music and games firm posted pre-tax profits of 74.2m for the year to April 24, up from 63m previously, although current trading has suffered slightly due to the World Cup.
Chief executive Simon Fox said the retailer's three-pronged approach was on track so far.
"We are no longer a one-dimensional retailer facing rapidly changing product markets," he said.