Music retailer HMV is out of the misery of high street in a big way! It has predicted that year end profits will be much higher than targeted. The high expectation is based on the big jump in sales of its gaming and technology division.

The company started its execution of three-year turnaround plan this year. But Simon Fox, chief executive of HMV, is very much impressed with the current performance and is confident that company will achieve results beyond its targets in the first year itself. The company registered a jump of 14% in UK sales in the first four months of the current year.

Mr Fox, had initially predicted year end profits of around £43m-£53m. He is now expecting that it will be around £46m-£58m. A commendable performance indeed!

Analysts are of the opinion that company is benefiting due to the rise in its sales of computer games and consoles. The sales rise is attributed to drop in CD sales due to online download.

 The gaming and technology division will also be benefiting from sales of Grand Theft Auto IV, which sold more than half a million copies on very first day of its launch. HMV also registered 6.6% rise in Waterstone’s, through strong advertising campaigns and loyalty card with membership of 1.3 millions.