HMW reports 18% rise in profits

Retailer HMV today said its “three pillar” strategy of new products, live music and reviving the Waterstone’s book chain was showing early signs of success after an 18% 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.