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Game trumpets record results

By Alex Sassoon Coby, GameSpot UKPosted Apr 29, 2008 8:15 am PT

The UK retailer sees share price spike after it reports a 156 percent increase in profits.

The year 2007 was good for gaming, with the likes of Super Mario Galaxy, BioShock, Guitar Hero III, and Portal providing top-notch experiences for gamers of all tastes. Such a breadth of titles, coupled with a price drop for Microsoft's Xbox 360, improving stock levels of Nintendo's Wii, and the launch of Sony's PlayStation 3 all amounted to a bumper fiscal 2007 for British high street retailer Game. Chief executive officer Lisa Morgan described the results as "a record year for the group."

Game, which billed itself as the UK's biggest games retailer even before its merger with Gamestation was green-lighted in January, reported that it has boosted profits, total sales, and like-for-like sales by impressive margins. The company also grew from 817 to 1,170 stores, in five different countries. As well as various internal changes, the company stated in its preliminary results for fiscal 2007--the 12 months to January 31, 2008--that one of the factors behind its forward march was, "The Nintendo Wii and DS Lite... broadening the appeal of video games."

The retailer today reported that, excluding a £7.1 million ($14 million) charge related to the Gamestation acquisition, it saw its profits more than double year on year. Excluding these costs, and before tax, Game's profits were up 156 percent to £75.5 million ($149 million), with sales up 86 percent to £1.491 billion ($2.951 billion). Game's e-commerce arm also gave sales a healthy boost, with turnover from its online shop increasing 147 percent year on year.

Signs for 2008 are also good for the retailer. Like-for-like sales are up 20 percent year on year for the 13 weeks to April 26, despite the fact that the PlayStation 3 launched in the UK in that period last year. The company plans to continue its aggressive expansion, with "around 100" store openings planned for this fiscal year, with, "key focus on France, Spain, and Australia." Discussing the outlook for the next year, Game CEO Lisa Morgan picked out the launches of Wii Fit, Super Smash Bros., GTAIV, Lego Indiana Jones, and Rock Band as titles likely to keep the retailer's results heading in the right direction.

The stock market reacted very positively to these results, with the share price peaking at 274p ($5.40) in the first hour of trading on the London Stock Exchange, a rise of 8.7 percent compared to yesterday's closing price of 252p ($4.99). At time of writing shares were 266p ($5.25).

42 Comments

  • jackc1990

    Posted Jun 6, 2008 3:06 am PT

    I work in GAME myself and I LOL at some of the hate going on here. First of all, I LOL at how you judge EVERY store by the one or two in your area. I also find it funny how you just generalize every store. Also, student discount is available, so whoever is saying no is really not being honest. Ok so it's not the cheapest retailer, but so what. In the store I work in, the trade in values are much higher than our gamestation just about 10 seconds walk away. So the reason for the higher price is that. "Asdas are cheaper" well of course they are, not only do they not trade in games but they make their money on groceries and other goods so they can afford to lower the price. And someone said about "It was better when you could take your games back within 10 days if you didn't like them" Yeah, and how many people do you think came back saying they didn't like it when really they just copied it or completed it. Most of the people here are just naive. But really, if the GAME store in your area is bad, fine, but don't generalize it everywhere else.

  • DJayMac7

    Posted Apr 30, 2008 12:53 pm PT

    wow

  • fishnpeas1

    Posted Apr 30, 2008 6:58 am PT

    GAME are the EA of retailers if you ask me

  • Dav_id83

    Posted Apr 30, 2008 4:56 am PT

    What do you expect they now own GameStation and there prices are worse for new condition games £50 for PS3 so are GAME for pre-owned games like COD4 at GamStation it's £38 but you'll get £28 trade in.

    The UK gamers get proper conned in the trading in section I marked the back of my COD4 case when I traded it in at GameStation went the next day it was £38.

  • kineas454

    Posted Apr 30, 2008 1:29 am PT

    Seeing as I got -3 for my Game is good comment, let's see the rating for my Game phails comment. They are a bit anal with some games, I went to buy DMC 4 special edition from them, and they wouldn't let me as I didn't pre-order it so I had to have the normal version. There's are a lot of exclusive special/collectors edition only at Game, whcih is them trying to make everyone only buy games from them.

  • BloodofZodiac

    Posted Apr 30, 2008 12:55 am PT

    GAME annoyed me a lot over the GTA thing, I was lucky enough to preorder but some my friends weren't and seeing as how GAME decided to bundle a lot of their limited stock of GTA IV to things that most 360 owners don't need such as an extra controller, they ended up paying more for the standard edition of the game. You can check online now, the GTA 4 standard edition is out of stock, however if you buy the one that's bundled with the controller you can have it dispatched within 24 hours.

  • Skull-Fire

    Posted Apr 30, 2008 12:50 am PT

    killeryoda85: your suprised? Of course you wouldnt mess around with games.. you have customers to serve. Its like working at Mc Donalds and expecting to eat all the food.

  • AriotUK

    Posted Apr 30, 2008 12:42 am PT

    --killeryoda85--

    I used to work for Game and thought it would be just messing around with games all day! NO NO! its stocking shelves and serving customers all day. you get to learn NOTHING about games. rubbish

    Wow point proved in less than one minute.

    Your job is not to play games, it is to provide the best customer service possible and help people get their purchases in a speedy manner whilst ensuring there is enough stock (that is clearly presented and inviting) to customers.

    If everyone thinks like you, no one this company is such a shambles.

  • AriotUK

    Posted Apr 30, 2008 12:39 am PT

    GAME is in a high-street monpoloy position now and I am in disbelief the Competition Commission did not act when they bought out Gamestation.

    Other people may well sell game but few people go there.

    All is not lost because in GAME's arrogance, they are not the cheapest on the high street by a long way - pop into ASDA for many examples of cheaper games.

    The problem is that GAME has huge purchasing power and will get a lot more copies of a game - I suppose people think this is where to go because they will have stock.

    The Bluewater stores are a shambles: there are consistent and slow queues every Saturday and an untidy, disorganised look to the stores. Some of their 3 for 2 offers on older PS2 and Xbox media aren't bad at all but that's only because they don't realise they have some huge gems there because they are so focused on the Big New Games.

  • killeryoda85

    Posted Apr 29, 2008 11:37 pm PT

    I used to work for Game and thought it would be just messing around with games all day! NO NO! its stocking shelves and serving customers all day. you get to learn NOTHING about games. rubbish

  • Pete5506

    Posted Apr 29, 2008 9:08 pm PT

    Lets just hope this is all for the best

  • ocdog45

    Posted Apr 29, 2008 6:00 pm PT

    strait cash homie

  • xatman911

    Posted Apr 29, 2008 4:17 pm PT

    I prefer game online... more variety.

  • MotownJunk

    Posted Apr 29, 2008 4:06 pm PT

    I work in Game, so this is good for me makes sure I stay in a job. I really enjoy my job and I have a good gaming knowledge, although I must admit most of my work mates have no real idea.

  • jtthegame316

    Posted Apr 29, 2008 4:04 pm PT

    lower prices in asda thats asda price lol only i am not gonna smack my pocket now. did not realize they had merged with gamestation.

  • Beeker1

    Posted Apr 29, 2008 3:30 pm PT

    Game was better when you could take back you're game in under 10 days and get full cash back but still a good games store

  • uklegendkiller

    Posted Apr 29, 2008 3:29 pm PT

    Nice to hear. game really are the best i wouldn't buy from anyone else at the moment gamestation seem to have gone down hill at the moment.

  • kineas454

    Posted Apr 29, 2008 3:01 pm PT

    Game really is the best. The thing with Gamestation, the stores are always tucked away in the corner of a town centre, whereas you'll get around 2 Game's right there on the high street. Supermarkets really do sell games cheaper and break even just to get the customers in their store. I'm a regular at my local Game, and the staff are always talking to me about new games that are coming out, and generally making me feel welcome. Gamestation staff just bum around in the back room, and put cashier names such as "Pwnt" on your receipts.

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