UK retailer Game has blamed the delayed PSP and a generally tough market for increased losses for the year.
For the six months ended 31 July 2005 Game made a loss before tax of £14.7m compared to a loss of £3.5m for the six months ended 31 July 2004. Like-for-like sales were also down some 5.4 per cent thanks to the lack of major releases in the period. Group turnover was up slightly to £221m from £213m in the first six months of 2004. The board approved a 15 per cent increase in dividend.
Game chairman Peter Lewis said: "2005 has been and continues to be a transitional year. The significant price deflation as the current generation of consoles reach maturity, the lack of hardware launches and the tough retail environment have resulted in significant first half losses." Lewis is confident the run up to Christmas will be better with new hardware and software in stores.
Game group will have 410 stores in the UK by Christmas and 295 of its own and franchise stores across Europe.
Read the whole press release here.®