skip to main content
|

Financial News

Thursday July 2, 04:30 PM
Game Needs Wii Fit To Get Back Into Shape

By © Sky News 2009

Game Needs Wii Fit To Get Back Into Shape
Click to enlarge photo
A lack of blockbuster releases has sped up a fall in sales at high street entertainment group Game.

The group, which trades from almost 1,400 outlets in Europe and Australia, said like-for-like sales fell 15.4% in the 21 weeks to June 27.

The slide shows a worsening trend since the 6.3% decline it saw for the 11 weeks to April 18 - indicating underlying sales have slumped by about 25% over the latter 10 weeks.

Chief executive Lisa Morgan blamed the decline on the weaker release schedule in the first half compared an exceptionally strong start to last year.

But Ms Morgan looked forward to a far more promising software offering for the second half of the current year, with titles including Wii Fit Plus, Singstar: Take That, and Forza Motorsport 3 due for release.

"Although we have seen further like-for-like declines...this was expected, given the exceptionally strong trading period last year when sales were up 25% on the back of record-breaking launches such as Mario Kart, Wii Fit and Grand Theft Auto IV," she said.

The results were worse than analysts forecast, and Game shares fell heavily on the news.

Before the trading update the firm's shares had lost 43% of its value over the last year on fears of slower growth, lack of information on the next generation of consoles and the threat of digital distribution.

The group forecast first-half profit before one-off items to the end of July to be in line with its guidance, at between £13m and £16m, down from £36.4m in the previous year.

On Tuesday music, books and games retailer HMV reported a 12% rise in annual profit.

Click here for more breaking stories from Sky News

Send Article by Email  |  Send Article by IM  |  Blog This with Y! 360  |  Printable View

More From > Business
  Previous article : Fuel And Car Hire Prices Plummet In Europe ( Sky News)
  Next article : Kitchen Nightmare: Ramsay Profits Go Cold ( Sky News)

Sky News
FTSE 100  Gainers  Losers
FTSE 250 Quotes by Sector
Dow Jones  Nasdaq  S&P 500
DAX 30   Eurostoxx 50
 

Recession

  Just how deep is the trough?
Banking Crisis
 

Are the banks out of the woods?

Stock Market Crash
  Explaining the global market turmoil
Money saving Tips
 

How to beat the credit crunch

Isn't Finance Funny?
 

Scandals and silliness


Message Boards
Property Pensions
Savings Utilities
UK Stocks Investing
Speach bubble Cash the new Gold
Speach bubble House prices falling, rents falling
Speach bubble Are American women with brains welcome here?
Speach bubble How much will House prices fall?
Speach bubble YOU WERE CREATED BY GOD FOR GOD AND WITHOUT GOD IN YOUR LIFE YOU ARE DEFEATED


Archives of
Copyright © 2009 Sky News. All rights reserved.