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GAME Over – Shares Of Retailer Plummet

December 9, 2009 Written by Sebastian Moss

GAME

As Europe’s leading PC and Video Games retailer, GAME has more than 1,380 international specialist outlets in nine European countries and Australia as well as a popular ecommerce website. Recently, the shares of the company have dropped drastically as increased competition from supermarkets and online sites as well as a general economic downturn have driven profits down.

GAME’s shares dropped 15 percent and for 18 weeks up to December 5, Game Group reported same-store sales fell 13.9%, with its 701 U.K. and Irish stores registering a 16.6% downturn. Its 699 international stores, in countries including Australia, France and Spain, saw comparable-store sales down 6.7%.

The drop in sales comes despite price cuts from both Sony and Microsoft on their consoles and record breaking blockbuster sales of titles such as Modern Warfare 2, and FIFA 10.

[Source/Via]