Shares in retail store Game drop on back of results
Published 29/09/2010 | 05:00
Shares in high-street retailer Game Group tanked in London after it swung into the red during the first half of the year, reporting an operating loss of £18.8m (€21.9m) compared to a £13m (€15.1m) profit in the corresponding period a year earlier.
Shares in the company, which operates over 1,300 retail stores across the UK and Ireland as well as countries including France and Australia, sank over 9pc in early trading before declining even further later during the day to end the session down 11pc.
In the 34 weeks ended 25 September 2010, total group sales were down by 9.3pc. UK and Ireland total store sales were down by 16.7pc.
The group said it remains hopeful for the Christmas period and added that pre-orders of Microsoft's 'Kinect' control system for the XBox are already strong.
The release of a number of new game titles such as 'Assassin's Creed: Brotherhood' and 'Call of Duty Black Ops' should provide scope for generating additional sales. It noted that revenue from sales of Nintendo's Wii had slumped 40pc year-on-year.
Chief executive Ian Shepherd said that the group had taken early action to "maintain the strength and stability" of the business.