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Music and DVDs help to reposition Woolworths. (News).

Music Week

| April 05, 2003 | Williams, Paul | COPYRIGHT 2003 UBM Information Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Music and DVD products are playing a key role in efforts by Woolworths to reposition itself on the High Street following its demerger from Kingfisher nearly two years ago.

For the year ended February 1 the entertainment division, which includes distributor Entertainment UK plus the music operations of Woolworths and MVC, posted a 26% rise in pre-tax profits to 23.4m [pounds sterling] (18.5m) on turnover up 30% to 1.3bn [pounds sterling] (1.0bn [pounds sterling]). Overall, Woolworths returned pre-tax profits of 38.0m [pounds sterling] (compared with a 46.4m [pounds sterling] loss a year earlier) on sales up 4.5% to 2.7bn [pounds sterling].

More specifically, MVC recorded like-for-like sales growth of 7.0%, while Improving DVD sales helped Entertainment UK increase sales by nearly 27%.

Richard bard, ...

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