Additional Information
Market: LSE
Sector: General Retailers
EPIC: GMD
Latest Price: 263.63p  (-0.14% Descending)
52-week High: 267.00p
52-week Low: 196.50p
Market Cap: 448.17M
1 year chart More charts
Deal GMD Tax Free*
*subject to change and depends on individual circumstances.
1 day chart More charts
Advertisement
Watchlist/Portfolio

Add to watchlist:

Only registered members can add into watchlist !

Register here !
Deal Game Digital Tax Free* Losses can exceed
your initial deposit
*subject to change and depends on individual circumstances.

GAME offers an extensive range of gaming and gaming-related products which are both new and pre-owned.

Pdf

GAME Group sales decline on downward trend for PCs and video games

June 15 2011, 10:34am 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

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.

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.