News
GAME unveils stunning financials
Neil Long Apr 29 2008, 9:06am
Comments (7)
Profits before tax leap up 156 per cent over last year; like for like sales boosted by 41.2 per cent
GAME Group has released its preliminary results for the year ended 31st January 2008 – and in doing so revealed that the High Street giant is in rude health.
Total sales growth for the period stands at 86 per cent, with like for like sales up by 41.2 per cent. There’s also the small matter of a record figure for profit before tax of £75.5m, an increase of 156 per cent on last year.
The retailer also revealed the current strength of its international and online businesses, having opened 116 new stores in four territories, bringing total international stores to 512 (including franchises). International operating also profits more than doubled to £13.2m from £6.1m.
Meanwhile online, turnover and operating profits were up by 147 per cent and 61 per cent respectively.
"This is a record set of results and clearly demonstrates that we've taken the right steps to expand the scale and geographic reach of our specialist offer to benefit from the broadening appeal of PC and video games products,” said GAME Group chairman Peter Lewis.
“This performance marks a transformational year with a significant improvement in a number of core business operations, further enhanced by the acquisition of Gamestation in the UK. In addition we more than doubled international operating profits and increased eCommerce operating profits by over 60 per cent, both of which continue to be a focus for growth.”
“The unprecedented range of popular products has broadened the demographic appeal to new customers of all generations. It has also favourably altered the short and medium term outlook for our industry.”
“With a large and growing installed base of hardware in the market, a strong line-up of new software launches and the benefits of full year ownership of Gamestation in prospect, the Board remains very confident in the outlook for the 53 weeks to 31 January 2009."
For a glance at GAME's forward-looking statements (including store opening plans, here over here.
Comments
“Staff”
Posted by: retail drone - Apr 29, 10:54am
Perhaps the underpaid and overworked staff should be thanked properly for their hard work in making this happen...
“Re: Staff”
Posted: Apr 29, 12:10pm
was it game store staff that launched PS3 and made Wii and DS such a huge success?
well i never
“It's all from pre-owned sales.”
Posted by: Zed Zee - Apr 29, 1:01pm
Not surprising really, because the current-gen only kicked in properly towards autumn last year and of course the ever-burgeoning pre-owned games sales.
I really don't see the staff as contributing much. They seem to be more there to not give you a good deal when you're trading in your old games and showing credit card clutching parents which are the most expensive 'console bundles' to buy, at 5:55PM on Xmas Eve!
I don't think the hardcore gamers even bother going into such shops anymore - I would have thought they'd have more sense of buying their games on-line and saving a bundle or actually cracking their consoles and downloading the games from torrent sites.
“Staff”
Posted by: SvenOf9 - Apr 29, 3:44pm
Yeah tell it all to the members of staff in all retailers who have been verbally or physically abused today for asking for proof of age...
“Rubbish Figures”
Posted: May 3, 12:02am
So Game have made £75 million.
So what?!
They have over 800 stores! Broken down thats less than £90k per store.
Lets be honest, these are rubbish figures, just because they're a record for Game doesn't make them good.
“Re: Rubbish Figures”
Posted: May 3, 1:29am
try 400 stores, those figures are for the uk. do your re-search b4 shooting your mouth off.
“Re: Rubbish Figures”
Posted: May 5, 4:23pm
@6
I was slightly out.
Please refer to - http://www.gamegro...9.pdf
You will see they have a total of 1140 stores & Concessions to which these figures relate. 649 of which are in the U.K & Ireland.
The total turnover & profit figures relate to all the stores, U.K and abroad.
I suggest you do your research.