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Gloucestershire Business News

Closure of Gloucestershire store helps Game record increase in profits

Computer game retailer Game have announced an increase in profits for the last six months - during which it closed one of its Gloucestershire stores.

Profits before tax for the 26 weeks to January 26 2019 rose 20.3 per cent from £12.3 million to £14.8 million as a series of cost savings began to bear fruit.

During the reported period, Game closed its Cheltenham High Street store as part of a "continued material cost savings" programme.

Revenue fell by 4.7 per cent from £517.4 million to £492.9 million in what chief executive officer Martyn Gibbs called a "challenging retail environment."

He said: "Our core retail businesses are facing a challenging retail environment that continues to evolve at pace, but we have set ourselves up well with our transformation programme and continued focus on costs and efficiencies

"During the period the UK Retail business delivered further efficiency improvements and achieved considerable cost savings across all areas including store operating and fixed costs, distribution and head office costs.

"Our flexible lease profile gives us a unique opportunity to work closely with landlords to manage our store portfolio and we continue to deliver, and anticipate ongoing, rent reductions.

"The improved Group profitability in the half and strong cash position means that we are well placed to advance our strategic priorities in the coming months whilst managing our business closely in the current challenging retail environment."

Game still has a store in Gloucestershire, in the Eastgate Shopping Centre in Gloucester.

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