GAME's financial report shows heavy losses

Retailer GAME hasn't always had the best of times in the past financially, and it seems as if there have been even more financial issues in the past year, according to a new report from Bit-Tech.

GAME's financial report reveals a 2.4% slip in gross transaction value, due to sales of "lower margin hardware" such as consoles, and the core retail earnings have halved from £28.7 million to £14 million year on year.

"Though our markets remained volatile last year, we made solid strategic progress as we continued to focus on those elements within our control; delivering on each of the four pillars of our strategy and creating a new cost base for our UK retail business," said Martyn Gibbs, GAME's chief executive.

"After two years of declines, our core UK console market returned to growth in the second half of our financial year on the back of the launch of the Nintendo Switch. This growth has continued into our new financial year in both of our key territories. Whilst we remain mindful of the structural headwinds that remain in our core markets, we expect recent positive market dynamics to continue into our peak Christmas trading period, driven by strong growth in all elements of the PlayStation 4 category, continued customer demand for the Nintendo Switch, the launch of Microsoft's Xbox One X and continued stronger demand for related software."

Do you think their fortunes will lift over the Christmas period?