Game Group growth slows
Print storyFewer customers through console door
Posted in Financial News, 2nd December 2008 13:45 GMT
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Game Group saw sales growth slow to 11.4 per cent in the 44 weeks ended 29 November, down from 44.1 per cent in the same period last year but recent trading has been substantially worse - for the last 18 weeks of the period like-for-like sales fell to just 1.5 per cent.
Game's international sales were even worse with like-for-like sales up just 0.7 per cent. Despite this, the retailer, which controls about a third of Blighty’s computer gaming market, said in an interim trading statement that it was “confident of a successful outcome for the year”.
Game, which sells a range of popular consoles and games including PlayStation3, Xbox 360 consoles and Nintendo’s Wii, said its customers spending patterns had remained “relatively resilient considering the challenges in the wider economy”.
Analysts have said that the company could benefit from Woolworths' demise after the retail giant went into administration last week.
Game, whose shares have fallen about 40 per cent so far this year, said it has opened 183 new stores in the past 12 months and will have 1,340 shops open in the run up to Christmas.
It will report crucial Christmas results on 13 January 2009. ®
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