HMV chief executive Alan Giles believes that store numbers at the eponymous chain could be doubled to more than 300 in the long term.
The retailer will also invest between£6 million and£7 million on store refurbishments at bookseller Waterstone's in the next financial year.
When it floated last May, the retailer stated that there was potential for 200 HMV stores in the UK. Now, after reaching 150, bosses are convinced there is scope for even further growth.
Giles said: 'There are other national retailers that have more than 300 stores, so I don't see why we can't get to there.'
HMV plans to grow at a rate of around 15 to 20 stores a year, he said.
Giles refused to say how many Waterstone's stores will be refurbished.
'It is not yet finalised and I'd rather not guestimate,' he said.
HMV has no plans at present for further investment in the US, where the business has struggled recently, but Giles insisted there are no plans to pull out of the States.
HMV's group sales increased by 2.4 per cent to£715.7 million for the 26 weeks to October 26. HMV's like-for-likes rose by 2.5 per cent, while Waterstone's like-for-likes declined by 0.7 per cent.
Pre-tax profit before exceptionals was£6 million, compared to a loss of£15.9 million previously.
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