I think it really depends on the type of music you are playing, and what scene you are part of.
Bands like Bring me the Horizon will be making a shit load of money in publishing, and merchandise. We are talking about at least 300-600 kids a night buying a £10 shirt. That will work out at around £2000-3000 a night in merch sales, or more depending on the amount of shirts being sold. My old music teacher used to be in a band called Neds Atomic Dustin, quite well known indie band, and he said on a good night they could be making anywhere between £5000-10,000 a night from merch. You work out how many Cd's you need to sell. Obviously the downside is, you need to be constantly touring, so you can keep on releasing merch, and tour specific merch.
Bands like Hot Chip (dance orientated pop) will be making their money from publishing more than anything else. When your music is appearing constanlty on TV (like rap music on MTV) you will be earning money.
CD sales obviously come into this, and depending on your contract the label may not care as much about CD sales if merch sales are going well and they have a 360 deal.
Disclaimer - Not an expert, just saying what I know from people in bands.