GAME to invest 5m in online business during 2008
Retailer doubles e-commerce investment following online profits of GBP 2.9 million
Following an increase in profits for its online business, GAME CEO Lisa Morgan has said that the company intends to invest a further GBP 5 million into its online offering during 2008.
Turnover for the online business grew by 147 per cent to GBP 58 million, compared to GBP 23.5 million the previous year, while profits were GBP 2.9 million, up from GBP 1.8 million.
With three online brands to its business – GAME, GamePlay and now the recently acquired Gamestation business – the retailer intends to spend equal to its investment over the past two years.
"We've seen our sales grow from GBP 4 million in 2003 to GBP 58 million in 2007," commented Morgan, to www.cantos.com.
"We certainly plan to invest further in this area, and I think we will invest around GBP 5 million in the current year."
Earlier today, the retail group announced its results for the year ended January 31 2008, with record profits of GBP 75.5 million, and sales growth of 86 per cent.
As well as strong online growth, international performance was also singled out, and the company is keen to invest in markets such as Australia, where Morgan sees further potential.
"We acquired our Australian business, a small business, in September of 2006. We've since added about 40 new stores in this territory and we see it as a market that's got some real potential," commented Morgan.
"Overall, we have aspirations of something like 100 stores in this marketplace going forward."