Record results for GAME as profits hit GBP 75.5 million
Online and international success boosts sales by 86 per cent
High Street retailer GAME has reported record sales growth of 86 per cent for the year ended January 31 2008, with like-for-like sales up 41.2 per cent.
Profits before tax were GBP 75.5 million, a massive increase of 156 per cent on the previous year. The retailer opened 116 new stores in overseas territories and saw international profits more than double to GBP 13.2 million.
The company's online business also saw strong growth, with profits reaching GBP 2.9 million, up 61 per cent.
"This is a record set of results and clearly demonstrates that we've taken the right steps to expand the scale and geographic reach of our specialist offer to benefit from the broadening appeal of PC and videogames products," commented Peter Lewis, chairman of GAME.
"This performance marks a transformational year with a significant improvement in a number of core business operations, further enhanced by the acquisition of Gamestation in the UK. In addition we more than doubled international operating profits and increased eCommerce operating profits by over 60 per cent, both of which continue to be a focus for growth," he added.
The company has completed the acquisition of rival Gamestation's 217 stores, bringing the total number of shops in the UK to 649, and across all territories to 1,161.