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The Game Group operates retail outlets that specialize in the retailing of computer software, video games and related products.
GAME Group sales decline on downward trend for PCs and video gamesJune 15 2011, 10:34am
GAME Group (LON:GMG) reported group sales were down by 11.3 percent in the 19 weeks to 11 June this year as it announced a continuing downward trend in the global PC and video games market.
In a statement today, the firm said that the markets in which it operated in the period had seen revenue declines of 12.8 percent, with hardware down 10.3 percent and software down 14.1 percent.
This was worse than consensus industry forecasts at the start of the year, it said.
The company is holding its AGM today, after which Peter Lewis will retire as chairman and Chris Bell will succeed him in the role.
Although there are a range of software franchises being launched in the second half of the year, GAME said, in the context of the overall market, it now believes group revenues will be 0 percent to -3 percent in 2011 - compared to last year.
However CEO Ian Shepherd said: "We are seeing early results from the strategic initiatives that we outlined in February, even though the video games market has been more challenging than anticipated this year.
"The pipeline of new hardware and software which has been announced for 2012 and beyond is encouraging, and our strategy is designed to strengthen our leading position and drive growth as the market transitions and evolves over the next five years."
The firm also updated investors on its new strategies announced in February, which, it said, was impacting some key areas, including its plan to up its market share by joining its ecommerce and high street operations.
Its UK online market share is now 19 percent - up from 13 percent last year, it said.
The firm also wants to increase its range of products that customers cannot buy elsewhere and increase the numbers of customers taking part in the pre-owned and trade-in service.
The company also announced today that David Mansfield had resigned as a non-executive director on 13 May this year and GAME is currently in the process of appointing two new non-exec directors.
The company's share price was down 10.5 percent on early deals - trading at 40.50 pence.