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UK retailer Game says sales down but margins up
inspector_monkfish
Posts: 9,276 Forumite
07:39 02Jul09 UK retailer Game says sales down but margins up
* Sees H1 underlying pretax profit of 13-16 mln stg
* 21 weeks to June 27 lfl sales down 15.4 pct
* Says has seen "good margin growth"
LONDON, July 2 - British video games retailer Game Group Plc <GMG.L> on Thursday reported a fall in underlying sales but an increase in profit margins in its latest trading period.
The group, which trades from 1,365 stores, concessions and franchises in nine European countries and Australia, forecast first-half profit before one off items of between 13 million pounds and 16 million pounds ($21.37 million-$26.31 million), down from 36.4 million pounds in the previous year.
Game said that in the 21 weeks to June 27 group like-for-like sales fell 15.4 percent.
It said the fall was in line with expectations given very strong sales in the comparative period.
It said it had seen "good gross margin growth" due to higher margin software and accessory sales being a larger part of the sales mix.
Shares in Game have lost 43 percent of their value over the last year, underperforming the FTSE All Share General Retailers index <.FTASX5370> by 49 percent.
The stock closed Wednesday at 164.5 pence, valuing the business at 570 million pounds.
* Sees H1 underlying pretax profit of 13-16 mln stg
* 21 weeks to June 27 lfl sales down 15.4 pct
* Says has seen "good margin growth"
LONDON, July 2 - British video games retailer Game Group Plc <GMG.L> on Thursday reported a fall in underlying sales but an increase in profit margins in its latest trading period.
The group, which trades from 1,365 stores, concessions and franchises in nine European countries and Australia, forecast first-half profit before one off items of between 13 million pounds and 16 million pounds ($21.37 million-$26.31 million), down from 36.4 million pounds in the previous year.
Game said that in the 21 weeks to June 27 group like-for-like sales fell 15.4 percent.
It said the fall was in line with expectations given very strong sales in the comparative period.
It said it had seen "good gross margin growth" due to higher margin software and accessory sales being a larger part of the sales mix.
Shares in Game have lost 43 percent of their value over the last year, underperforming the FTSE All Share General Retailers index <.FTASX5370> by 49 percent.
The stock closed Wednesday at 164.5 pence, valuing the business at 570 million pounds.
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(MSE Andrea says ok!)
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