GAME Group has hit back at its detractors after issuing a profit warning last week.
The retail specialist revealed that its like-for-like revenues will be lower than forecast, but said the dip is caused by a flagging games market and low consumer confidence.That didn’t stop national papers suggesting the Group is on borrowed time.
It is very easy to look at any retailer on the High Street and write an apocalyptic headline,” GAME CEO Ian Shepherd told MCV.Our market share is high and growing. GAME is very important to the overall health of the videogames industry.
We are also a strongly cash generative business. Even with the guidance we have given now, where industry analysts are concluding that we will probably make a loss this year. Even in that circumstance we will still generate operating cash flow. And cash is king.”
Shepherd also dismissed suggestions GAME isn’t doing enough to capitalise on the digital market.
I reject the idea that GAME is not doing new things. If you come into this business, you will see a whole bunch of people working incredibly hard to grow new revenue streams. To do all of the strategic things that we have done in and around our stores has been an immense amount of change for this business.
Our performancewithin the market I will hold up against anybody else.”