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U.K. Retailer HMV Reports Lower Profits, But Games Grow

U.K.-based music, DVD, books, and games retailer HMV Group reported overall profits dropped 50 percent for the fiscal year, but games and technology were a "key growth category."
U.K.-based music, DVD, books, and games retailer HMV Group reported overall profits dropped 50 percent for the fiscal year, but games and technology were a "key growth category." HMV on Tuesday reported profits of £44.2 million ($72.71 million) for the fiscal year ended in April, down from £89 million ($146.42 million) a year prior. But profits from continued operations, which doesn't include the August 2007 sale of HMV's Japanese business, reflected a bump in profits from £37.3 million ($61.37 million) in 2008 to 44.2 million ($72.71 million) this year. For HMV's U.K. and Ireland business, the company called games and technology a "key growth category" for the fiscal year. Sales in HMV's U.K. and Ireland games and technology segment made up 24 percent of total company sales in the region, up from 20 percent a year prior. HMV also said that it executed a successful rollout of its used games business, dubbed "Re/Play", in the fall. Total fiscal 2009 sales across all of HMV's businesses were up 4.4 percent to £1.96 billion ($3.23 billion).

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