Video game sales keep HMV strong
Last updated 11:36, Monday, 12 May 2008
ENTERTAINMENT retailer HMV is confident its full-year profits will be at the top end of expectations, helped by strong demand for video games.
The group’s shares rose 4 per cent in early trade following the announcement.
HMV reported like-for-like sales grew 10.1 per cent in the 16 weeks to 26 April and by 7.3 per cent in the full year.
Market expectations for full-year pre-tax profits are in the range of £46m to £58m, compared with last year’s figure of £48.1m.
“HMV has clearly benefited from a strong games market,” said chief executive Simon Fox.
HMV also announced that following last July’s sale of its Japanese business, it had ended the year “broadly debt-free”.
Full year results will be announced on July 1.
