Game Group sees profits soar over twelve months

By admin

April

24

2009

Console and gaming retailer Game Group has reported soaring sales and profits over the last twelve months, with a number of factors thought to have attributed to its increased success.

Although most people would think that in the current financial climate and recession sales and profits would be down for retailers such as Game Group, which specialises in gaming consoles and games, it has actually had quite the opposite effect, with Game Group reporting soaring profits in the twelve months leading to January.

Officials from Game Group said that the second hand console and games division enjoyed particular success, with revenue rising by eighty five percent. The best selling items included the Nintendo Wii gaming console and the new Grand Theft Auto game, which saw sales rise to twenty two million in the UK, which was around nine million more than the previous year.

The group has attributed a number of factors to its success. One factor is that more and more people are choosing to stay at home rather than go out in the current financial climate, and purchasing second hand consoles and games provides them with affordable entertainment for the home. Another factor is the demise of other retailers such as Woolworths and Zavvi, with many customers that may have gone to these retailers now making their purchases from Game Group.

Game Group has now announced expansion plans on the back of its success, with one official stating: “As the cycle moves more towards software, we expect that GAME’s position as Europe’s leading specialist will result in further market share gains. With 12m loyalty card holders and a highly developed previously owned offer, we expect GAME to take its advantage of the demise of Woolworths and Zavvi.”