The high street retailer makes a major comeback after teetering on the brink.

HMV has posted profits of almost £17 million for the 11 months since it was saved from collapse by restructuring firm Hilco.

The retail chain now looks set to challenge Amazon as the UK’s biggest seller of CDs and DVDs, with HMV claiming to be just 1% behind the market leader. Figures from market research firm Kantar Worldpanel also show an increase in HMV’s share of the entertainment market, up to 14.7% from a record low of 10.7% last year.

‘It’s only a matter of time before we overtake Amazon,’ said HMV chairman Paul McGowan. ‘HMV is re-engaging with music shoppers and getting them back into shops. This is about being an authority in music, not selling music as a commodity.”

McGowan had earlier promised a broader range of stock in high street shops, as well as a revamped digital store, as part of the relaunch. Hilco said part of the company’s recent success was down to a focus on live appearances and in-store gigs by the likes of Ed Sheeran and Megadeth. The chain also returned to its original location on London’s Oxford Street.

Elsewhere on the high street, fashion retailer Urban Outfitters was last week revealed to be the world’s biggest vinyl retailer. [via Telegraph]