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Thursday, 27 June, 2002, 10:03 GMT 11:03 UK
DVDs bring in the cash
HMV's mascot
HMV's shops were quiet during the World Cup
Strong DVD and computer game sales have boosted profits at the UK's biggest music, video and book retailer.

HMV saw its profits rise 37% to 105.6m in the year to the end of April.

Sales dropped at the beginning of June as potential shoppers were distracted by both the Golden Jubilee and the World Cup.

But customers have started to return to its stores since England was defeated last week, the company said.

Game over

"The whole country has been distracted but I'm pleased to say sales have now come back to the levels seen in May," chief executive Alan Giles said.

The company's shares rose four pence to 150p in early trade - a fact which is unlikely to provide much comfort to those who have seen shares in HMV fall 20% in the past two months.

The stock was floated on 9 May at 192p.

"We were surprised at the extent to which our shares have fallen, but we expect more people to start to look at the business on its fundamentals," Mr Giles said.

See also:

23 May 02 | Business
11 Apr 02 | Business
11 May 02 | Film
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