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Game Group issues disappointing trading statement

Game Group today issued a disappointing trading statement and a warning on future probability for the company. Sales in the company's UK and Ireland stores fell by 17.5% over December into early January even though there is "a sizeable installed base of hardware". Only a few months ago the company appeared to be more upbeat on the prospects for the festive period but these hopes have evaporated over the last few weeks.

While gaming is a very competitive market to say the least it does reflect consumer spending patterns which had appeared to be fairly upbeat with the likes of Tesco, Next and a whole raft of other leading retailers announcing impressive festive sales figures. Whether the figures from Game Group, and the accompanying profits warning, are a one-off in the sector remains to be seen but it has given some people food for thought and more reasons to be less optimistic about the future.

Shares in Game Group have fallen by more than 30% over the last couple of months amid concerns that the games console market was becoming more and more competitive and margins were under pressure. However, the company believes that with a number of high profile games scheduled for release in 2010 there is hope for the future.

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