Ahead of its AGM today, retailer GAME has admitted that trading to date in 2011 is significantly down on 2010.
Choosing to once again blame what it sees as a global slump in the video games market, in the period between February 1st and June 11th GAME's revenues are down 12.8 per cent year-on-year.
Specifically, hardware is down 10.3 per cent and software down 14.1 per cent. Both are worst than previously forecast.
The group has also announced that non executive director David Mansfield resigned last month. The hunt for a replacement is under way.
In the last seven weeks like-for-like sales have tracked at four per cent down, with GAME crediting LA Noire as a big success in this "improving picture".
In better news, online market share has risen from 13 per cent to 19 per cent in the last year. GAME has also vowed to press on with store closure plans and increase its focus on exclusives.
GAME says that this year's E3 didn't reveal anything that's likely to help the market in the short-term, but it does hope that new technologies such as Wii U and Vita – as well as a strengthening software line-up for 3DS – have paved the way for a stronger 2012.
“We are seeing early results from the strategic initiatives that we outlined in February, even though the video games market has been more challenging than anticipated this year," Group CEO Ian Shephard stated.
"The pipeline of new hardware and software which has been announced for 2012 and beyond is encouraging, and our strategy is designed to strengthen our leading position and drive growth as the market transitions and evolves over the next five years."
At today's AGM chairman Peter Lewis will officially retire with Chris Bell taking his place.