Hilco chief executive Paul McGowan has called HMV “very profitable”, following the release of select financial figures for the second quarter of 2014.

Like-for-like sales in HMV stores, stripping out store closures and new openings, have risen 9.2%, including a 10.9% rise in audio and a 5% rise in visual products.

Physical album sales rose 12%, driving the overall market up 3%, The Telegraph reports. Visual sales are up 2% for HMV, in contrast to a 2% drop in ...