Game Group reports 10% drop in turnover as CEO departs
Group profit margin improved to 27.8% from 26.1% the prior year, profit before tax fell 28.2% to £84.2m, down from £117.4m.The group increased preowned revenues to £374.5m (2009: £353.4m) representing over 21% of sales. For the 11 weeks to 17th April 2010, total sales and lfl sales were down by 13.3% and 14.4%, respectively. In the UK and Ireland, total sales and lfl sales were down by 20.8% and 20.1%, respectively, during the period.
In the International business, total sales were up by 1.7% and lfl sales on a constant currency basis were down by 3.9% whilst online sales were down by 3.5%.
Peter Lewis, Chairman, commented: 'The Group has delivered the second best trading performance in its history with profit before taxation and non-recurring costs of £90.4m (2009: £124m). Our results were delivered against the backdrop of a very difficult trading environment, which saw the global pc and video games market decline by over 20%. We outperformed the market and our performance can be attributed to our position as the market leading specialist, our strength in preowned, our multi-channel customer offer and disciplined operational management.
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