GAME Groups results reflect market contraction
The market value of UK pc and video games entertainment software, console hardware, console/pc gaming accessories dropped 11% (03/01/10 to 01/01/11)
Figures in the GAME Group Christmas 2011 trading statement for the 49 weeks to 8th January 2011 reveal the total sales dropped 7.7% and like-for-likes were down 6.6%.
The trend improved for the 5 weeks to 8th January 2011 with total sales down 4.1% and like-for-likes down 2.1%.
Peter Lewis, the Chairman of GAME commented, "Customers continued to shop at GAME over Christmas despite a difficult pc and video games marketplace and adverse weather. With Group like for like (lfl) sales down 2.1% and UK and Eire store lfl sales down 0.5%, our sales trends have continued to improve.
“Our specialist proposition, including the strength of our pre-Christmas deals and post-Christmas Sale offers, provided unique appeal for customers. The dedication and skill of our teams ensured that our stores remained open through the severe weather and customer conversion and market share increased during the key weeks.
We expect our profit before tax and exceptional items will be in the range of £37m to £39m for the year to 31 January 2011, which is within current market expectations. Our margin guidance remains unchanged".
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