GAME Group has released its preliminary results for the year ended 31st January 2008 – and in doing so revealed that the High Street giant is in rude health.
Total sales growth for the period stands at 86 per cent, with like for like sales up by 41.2 per cent. There's also the small matter of a record figure for profit before tax of 75.5m, an increase of 156 per cent on last year.
The retailer also revealed the current strength of its international and online businesses, having opened 116 new stores in four territories, bringing total international stores to 512 (including franchises). International operating also profits more than doubled to 13.2m from 6.1m.
Meanwhile online, turnover and operating profits were up by 147 per cent and 61 per cent respectively.
"This is a record set of results and clearly demonstrates that we've taken the right steps to expand the scale and geographic reach of our specialist offer to benefit from the broadening appeal of PC and video games products,” said GAME Group chairman Peter Lewis.
This performance marks a transformational year with a significant improvement in a number of core business operations, further enhanced by the acquisition of Gamestation in the UK. In addition we more than doubled international operating profits and increased eCommerce operating profits by over 60 per cent, both of which continue to be a focus for growth.”
The unprecedented range of popular products has broadened the demographic appeal to new customers of all generations. It has also favourably altered the short and medium term outlook for our industry.”
With a large and growing installed base of hardware in the market, a strong line-up of new software launches and the benefits of full year ownership of Gamestation in prospect, the Board remains very confident in the outlook for the 53 weeks to 31 January 2009."
For a glance at GAME's forward-looking statements (including store opening plans, here over here.