UK Retailer GAME First Quarter Sales Down 15 Percent

By Colin Tan on April 27, 2011, 4:51AM EDT

UK retailer GAME have reported a 14.3 percent decline in sales for the first quarter of 2011, with like-for-like sales down 12.1 percent. UK and Ireland sales were down 14.9 percent in total.

Full year profits for 2010 were down from £90.4 million to £37.8 million, quite a significant drop. However, store-branded product sales were up 36 percent, pre-owned sales 3.3 percent and digital sales up 27 percent. Meanwhile, new hardware and software sales dropped 4 percent.

Regardless of the drop in sales, GAME remains positive, stressing the need to stock up on exclusive bargains and to improve growth of their online presence.

"We are operating, however, in a very challenging economic climate and have a lot to do and a long way to go if we want to outperform the market by growing new revenue streams," said GAME CEO Ian Shepherd.

"Our strategy is designed to do just that, and our dedicated teams around the world are focused on delivering it. I'm encouraged by the good progress we've seen in the early months of this year.


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