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Game Defies Gloom As Wii Boost ProfitsThe rush for Nintendo’s DS and Wii video game consoles saw Game Group today emerge as the first big winner on the high-street this Christmas. Game defied the gloom surrounding the retail sector and said it expected to post far higher than expected profits for the current financial year. Pre-tax profits for the 12 months to January 31 will be at least £70 million, nearly £8 million above analysts forecasts. Shares in the group, Europe’s biggest specialist games retailer, rose 6 per cent, or 14p to 246p. &&&§ionName=IndustrySectorsRetailing,mywindow,menubar=0,resizable=0,width=615,height=655); Related Links Wii shortage means $1.3bn lost sales for Nintendo this Christmas Nintendo set to pull ads for sold-out Wii Game Group hits 20-year high on Wii demandGame refused to dilvuge sales figures for the key Christmas period, stating that they will be released in a scheduled trading update on January 15. Earlier this month Lisa Morgan, chief executive, said like-for-like sales were up 44 per cent in the year to date, fuelled by the success of the DS and the Wii. Nintendo’s Wii console was the must-have gift this Christmas with stores rushing to find stock. Amazon last week said it was selling a Wii console every 17 seconds in December. Brian McBride, Amazon UK managing director, said: “The success of the Wii has surprised Nintendo and the industry.” Game is also thought to have benefited frtom strong sales of Microsoft’s Xbox 360 and PlayStation’s decision to cut the price of its PS3. Top-selling games included Brain Training, the DS title backed by Nicole Kidman, and Mario & Sonic at the Olympic Games. Warwick Okines, retail analyst at Deutsche Bank, said today’s update wrapped off a “perfect month” for Game, given the regulatory clearance of its acquisition of Gamestation three weeks ago. He added: “We have increased our top-of-range £63.9 million forecast to £73 million driven by stronger revenue growth and unchanged margins and cost estimates.” Tag CloudExternal InformationAdditional InformationWii and Simpsons lift Amazon to 13-year best...Financier Aims to Buy Struggling Small Banks... Witness Tells of Black’s Deal on Apartments... Merger upset as Gucci boss admits designs on Suez... Where Am I?News Main Page - Business - Game Defies Gloom As Wii Boost Profits |
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