Games bolster Virgin financials

High Street entertainment specialist Virgin has posted a confident set of financials for the four-week trading period ended December 30th. While its High Street sales were up by 4.6 per cent, the biggest rise was online sales, which were up a massive 191 per cent compared with the same period the previous year.

While DVD became the dominant format for the first time in Virgin’s history, games were a real success story too, with a 19.2 per cent like-for-like rise during December, despite the PS3 delay and the short supply of what Virgin describes as the must-have Christmas gifts, Nintendo’s DS and Wii.

“Despite the anticipated hardware issues, we have had a positive Xmas period, with growth achieved by good availability of software titles across all formats and the huge demand for hand-held formats supported with well-targeted marketing campaigns that helped us to grow our market share by 0.8 per cent,” said Virgin Megastores MD Simon Douglas.

“Despite all the talk of high street doom and gloom, particularly around entertainment with its rampant price deflation, I am delighted with our trading performance. Like-for-like sales growth in-store and online, increased share across our three key markets and we have improved our conversion rates by delivering high standards of customer service,” added Douglas. “All of this against a general backdrop of reduced high street footfall.”

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