GAME GROUP CHIEF RESIGNS AS PROFITS FALL
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The chief executive of video games retailer Game Group has stepped down following a 28% fall in profits at the group.
Lisa Morgan will be replaced by Chris Bell – the former boss of Ladbrokes – as interim chief executive, Game said, as it announced its full-year results.
The firm's UK chief operating officer Terry Scicluna has also resigned.
Pre-tax profits for last year were £84.2m, down from the £117.4m reported 12 months ago.
Game blamed the wider fall in video game sales for its decline in profits.
It argued that it had delivered its second-best trading performance in its history, and had “outperformed the market”.
“Our results were delivered against the backdrop of a very difficult trading environment, which saw the global PC and video games market decline by over 20%,” said chairman Peter Lewis.
Previously, Game has also cited the absence of major new console launches as a problem.
However, revenues are expected to continue to fall this year despite expected new product launches from Microsoft, Sony and Nintendo.
Game operates nearly 700 stores in the UK, with nearly 800 more across Europe and Australia.
Last year, international sales rose by 1.7%, but sales in the UK and Irish Republic fell 20%.