Latest trading statement reveals huge first half sales boost of 54 per cent; results ‘ahead of expectations’
GAME Group’s latest trading update has painted a hugely positive picture for the leading specialist chain, with sales up significantly across the board.
For the first 22 weeks to 28 June 2008, total Group sales were up by 54 per cent, with like for like Group sales (including Gamestation from 1 May 2008) for the same period up by 24.8 per cent.
In the UK and Ireland, total sales were up by 58.2 per cent and like-for-like sales were up by 28.1 per cent.
In the retailer’s International business, total sales and like for like sales were up by 43.9 per cent and 16.9 per cent respectively. The update also states that its international business would have performed better had there been better supply of Nintendo product - particularly in Spain.
GAME chairman Peter Lewis added: “The PC and video games market has continued to grow strongly in this period and I am pleased to report that GAME is performing slightly ahead of our expectations for the first half of the year.”
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The retailer also revealed plans to open 60 new stores, while updating the trade on the Gamestation integration and revealing a big-name appointment - click through any of the links for more.
Comments
Spin doctoring?
Not wanting to p**s on their chips but surely the fact that the infamous credit crunch only became an issue in the last 6 weeks of so (for consumer spending at least according to the consumer spending index) and the release of huge must have titles like GTA 4 are responsible for this increase, and its not a reflection of how the market is as a whole?
Re: Spin doctoring?
Far from it. This is factual evidence that the games industry can be recession proof. It costs more to go out so stay at home.My concerns are the supply constraints in European countries with a high demand for Nintendo as a lead brand and hamper growth. Also, I would not be so quick in opening 60 new stores before Christmas when a large retailing asset base may become a burden in the coming years of digital download. To counteract this I am very pleased though that Game has hired a non-exec expert in online sales - two paradoxical strategic actions maybe.
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