UK Retailer GAME Within Expectations, Despite Slowdown

Major UK retailer GAME is getting on -- well, gamely -- amid the global economic downturn, performing to its own expectations and growing its store portfolio. In a new management statement, the GAME Group says that between February and June, it opened 23 new stores, bringing its total up to 1,365 across ten countries and two brands, including its recently-acquired Gamestation. GAME Group plans to spend £30-£35 million ($49-$57 million) integrating Gamestation in the year ahead, and says the process is "progressing well" and should be completed by September of this year. The company saw record sales and profits in the fiscal year ending January 31, with profits up 68.3 percent to £126.5 million ($185 million) and revenues up by 32.2 percent to £1.97 billion. GAME Group says it "continues to operate with a strong balance sheet" -- although it's seen net debt widen to £86m as of May 30, it plans to close the gap a little between now and January 2010 to an average of £60m.