Over a third of the value of retailer GAME has been wiped this morning after it revealed the extent of its trading struggles.
At the time of writing GAME’s stock value is down 39.25 per cent this morning, representing a loss of 80.75p per share. GAME shares currently trade at 125p, down from their peak value of 360p on December 31st 2014.
The company this morning reported a 6.7 per cent decline in gross transactional value to 466.8m across the group for the 21 weeks ending December 19th. UK gross transactional value was down a massive 11.4 per cent at 353.5m. Spanish GTV was up 8.1 per cent.
Low margin console sales were the largest contributor, falling 20.3 per cent. The rapid decline of last-gen sales, down 56.7 per cent, was also highlighted.
It also estimates total decline in the video games market by 13.5 per cent year-on-year, although this number ignores the growing digital sector that GAME has previously so loudly hailed its success in. A 91.8 per cent increase in newer categories such as GAMEtronics was not enough to offset these numbers.