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Last Updated: Wednesday, 30 June, 2004, 06:52 GMT 07:52 UK
Profits jump at music giant HMV
HMV store
HMV operates about 520 stores across the world
Music and book retailing group HMV has reported a 22% jump in profits despite fierce competition from online sellers.

Publishing its results for the year to 24 April, it reported pre-tax profits up 21.9% to 117.6m ($212m).

This was from sales of 1.8bn, up 5% increase on the previous year for the company, which owns the HMV music stores and bookseller Waterstone's.

Across the 520 HMV outlets annual sales were up 4.9% to 1.4bn, while at Waterstone's they were ahead by 5.6%.

"These results reflect a very good year for the group including another impressive performance by our largest business, HMV UK & Ireland," said HMV Group chief executive Alan Giles.

"We are especially pleased with the excellent improvement at Waterstone's, where we believe there is still more growth to come."

HMV said it had seen "an encouraging start" to the new financial year, with total sales growth of 3.9%.

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