Game Group goes gangbusters
Record profits in 2002
In a year which saw the group dispensing with its Electronics Boutique branding on its stores in favour of the Game livery, the chain increased its turnover to more than half a billion pounds - rising from £454 million to £560 million.
Like-for-like sales grew by 12 per cent, ahead of the official figure for the overall growth of the UK software market during 2002 which was eight per cent according to ELSPA figures.
The company continues to grow UK operations, adding twelve stores during the year to take the total to 335. But the largest growth area is continental Europe - where 48 new stores were opened, for a total of 114 stores spread across France, Spain and Sweden.
The UK store-opening programme is expected to accelerate during 2003 now that the rebranding exercise has been completed at all stores, while further expansion is also planned for Europe. Continental Europe now accounts for 12 per cent of the company's turnover.
"The strength of Games's position in its markets can be measured by this achievement of record sales, record profits and record cash in the bank of £37.4m in a difficult year for UK retailers," chairman Peter Lewis said in a statement. "Our response to the intense competition during Christmas 2002 was successful in maintaining our clear market leadership whilst delivering record profits. The current year has begun well with further gains in market share."