Press releases
Christmas trading statement - record sales and profits expected
10/01/2003
The GAME Group PLC ('GAME') today announces like for like sales growth of 3.8% and overall sales growth of 7.5% for the 5 week period ending 4th January 2003 in our core UK market. This reflects strong late Christmas trading which helped to overcome the 4.7% decline in like for like sales reported on 17 December for the first 2 weeks of Christmas trading. Our European markets in aggregate were behind the UK. However these territories represent a small proportion of our activities and are not material to the Group's results.
In the UK the Group has produced like for like sales growth of 12.2% for the 11 months to 4th January, which compares favourably with recently published industry statistics which show the overall UK market achieved 8% growth in 2002. The Entertainment and Leisure Software Publishers Association (ELSPA/Chart track) announced a record year for the industry showing sales of video games hardware, leisure software and gaming peripherals had reached an all time high of £2.07 billion in 2002, exceeding both video rental and cinema.
Notwithstanding the challenging retail environment over Christmas, this will be another record year for sales for the Group and the Board anticipates that profits before taxation and goodwill amortization for the current financial year ending on 31 January will be slightly ahead of the record profits of £31.5 million achieved last year.
Peter Lewis, Chairman of GAME, commented:
"We have produced positive sales growth in a challenging retail environment which represented a robust performance as we consolidated our position as the leading retailer of video games. After a year of exceptional capital expenditure, dominated by the UK store rebranding program which is now complete, the Group will still end the year with net cash balances in excess of £30 million."
For further information please contact:
The GAME Group Tel: 01344 464040
John Steinbrecher, Chief Executive
Martin Long, Deputy Chief Executive
Financial Dynamics Tel: 020 7831 3113
Ben Foster/Nic Bennett
