13th Jan 2016 08:02
LONDON (Alliance News) - Video games retailer GAME Digital PLC on Wednesday said sales trends improved over the Christmas period, though its total transaction values remain lower year-on-year.
The company, which issued a profit warning prior to Christmas due to a deterioration in trading trends, said its group gross transaction values for the three weeks to January 9 fell 0.4%, down 5.9% in its UK retail business but up 11% for its Spanish business.
This was an improvement on the 5.5% fall in group transaction values for the 24 weeks to January 9, which saw UK retail values fall 11% and Spain transaction values rise 8.8%.
"As outlined in our previous trading update, recent trading conditions in the UK video games market have been challenging, impacting GAME UK's peak trading performance. However, we have seen a better market and an improved sales trend over the last three weeks. The strong performance in Spain in the first 21 weeks of the year has also continued over our most recent trading period," said Chief Executive Martyn Gibbs.
"We are committed to taking appropriate actions to respond to the market challenges that we face in the UK market. Alongside pursuing commercial developments we are focused on driving further operational efficiencies and the group has already begun to implement a series of initiatives to deliver an improvement in the profitability of our UK business," he added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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