Game down against tough comparatives
02 July 2009 09:29
Ahead of its AGM today, Game Group has said that trading was "in line with expectations", with sales in the first 21 weeks to June 27th down against particularly tough comparatives.
In the period, total group sales were down by 9.1%. Like-for-like group sales for the same period were down by 15.4%. In the UK and Ireland, total sales were down by 12.4% and like-for-like sales were down by 15.8%. In the company's international business, total sales were down by 1.1% and like-for-like sales were down by 14.4%.
Peter Lewis, chairman of Game, said: "These like-for-like results are in line with expectations given the very strong sales in the comparative period.
"We have seen good gross margin growth due to higher margin software and accessory sales being a larger part of the sales mix and our pre-owned proposition continuing to perform well".
He added: "The profit performance last half year was exceptional and this half year should be viewed in the context of our seasonal business, when customarily all group profits are made in the second half.
"Whilst we remain mindful of the significant challenges in the wider economic environment, our full year performance will be driven by the increased ownership of consoles which will increase demand for software.
"With the benefits from the GAME and Gamestation integration, good cost control disciplines, the continued strength of preowned and online sales, the growing installed base of hardware and the strong software line up, the Board remains confident in the outlook for the year to 31 January 2010".
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