‘We are the best’ says Morgan as retailer reveals record financials
The supermarkets might be marking their territory in games, but a confident GAME has said it is ‘constantly evolving’ to take on any increased competition.
The comments came from CEO Lisa Morgan after the GAME Group posted record end-of-year results last week, flying in the face of the recession that is squeezing the rest of the UK High Street.
The group reported turnover at £1.97bn for the year ending January 31st – a 32 per cent gain on the previous year. The firm also managed a 67 per cent jump in profit before taxation at £126.2m.
Morgan told MCV that the Group’s success came in line with the UK games market’s comparable ‘stunning performance’ in 2008. She added that the GAME and Gamestation chains were the best retailers placed to take advantage of the demographic explosion in the industry.
“We have a fantastic and perfectly placed product proposition within our stores,” said Morgan when asked about the increasing pressures facing retail in 2009.
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“As we all know, the UK video games market last year saw stunning performance. And GAME within that, particularly in the UK with our dual brand strategy, is able to appeal to a broad range of consumers.”
On the competition, she said: “Because we are a specialist in this market, and because that is all we do, we are always watching the market and the competition.
I think it’s really important that you never become complacent – you need to have a compelling offer that is evolving constantly to ensure you are looking after customers better than anyone else. It will always be competitive because it is an attractive market to be in.”
She added: “We are best placed to take advantage of that market growth.”
Morgan reiterated the group’s cautious optimism for the year ahead, pointing out that the robust games market is “still performing really well” and could once again buck trends in 2009.
She said: “We have to be cautious given the wider issues in the market – but at the same time we have a good geographical spread, we have a customer offer that lends itself to today’s consumer extremely well and we are working hard to drive overall group profitability.
“So we are cautious but confident in the year ahead – the industry is still performing really well.”
Comments
Audacious
So tell us again why you're freezing wages?
Sorry, but the excuse of being "cautious" just doesn't cut it.
Wages
Good point LordMonkey, if they are focusing on customer service, freezing the wages of the very people who deal with the customers seems odd, given their impressive results.
Martin
ZXGamer
All Cause of Gamestation...
All this boost occured ever since the purchase of Gamestation, regardless of Game deciding to remove their now Sister companies Retro from the stores... which was kinda the point of Gamestation. Old being the new new. And yet they start to close the companies head office and introduce all Game's policies into Gamestation's chain, the most obvious being the console protection service.
I never purchased things from Game, cause they didn't have a good relationship with their customers. Unlike Gamestation who have always had a much more relaxed approach, not making staff wear trousers which make them look like PC Salesmen. But now it's all changing, and we're basically stuck with two types of Game, but squeezing every penny out of the consumer. So no wonder they've made the profits they have done!
And this is coming from someone whose worked on both sides of the company, just to show I'm not completley biased. So if Game had any brains about them, they'd harness the positives of what they've purchased, instead of pushing their own incentives and strategies onto a company who have never worked like them before.
...wow, that turned into quite the rant didn't it! haha...
Littlesmegger
What a load of rubbish!!.. "this boost occoured since the purchase of Gamestation"
Game have accuired Gamestation and are running it as a separate business taking the best of Game and integrating into G/S whilst retaining all that customers love about the brand.
What we have are two separate business that complement each other and the very definition of a business is an entity to make profit!
If you have worked for both sides of the business, it seems you are one of those individuals for whom change is an issue.. you need to see the bigger picture and realise its a positive move for both companies!
"So if Game had any brains about them, they'd harness the positives of what they've purchased,"
Thats EXACTLY what they want to do!! The only brains needed are from the people smart enough to see that!
GAME has always been a more successful company that G/S, but there are areas which G/S excells in too. Surely this can only be a good thing to COMBINE the best of both worlds for all concerned...
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