Game Group rakes in the cash, credits the PS3

Game retailer Game Group has announced impressive profit figures at the end of the first fiscal quarter of 2007 and revealed a hefty expansion plan for Europe, crediting the success largely to the launch of the Sony PlayStation 3 game console in PAL territories.

“We are very focused on the markets that we are in, but ultimately we will evaluate each new territory based on the returns that we see and the potential of that market,” said Lisa Morgan, Game Group CEO.

The company’s profits went up by GBP 29.4 million this year compared to the 5.4 million it posted last year. The company says that a stronger international presence coupled with fast sales coming from the consoles were to credit for the mark-up.

The Sony PlayStation 3 may be trailing behind rival game systems Microsoft Xbox 360 and Nintendo Wii in sales from an American and Asian standpoint, but it’s a completely different tale in Europe. Morgan described the launch week response to the PS3 as “tremendous” and commended Sony for not having restrictions in supply, which meant that the retailers always had the machine in stock, ready to be picked up by consumers.

Game Group says that efforts to expand in Norway, Australia and Portugal have already commenced. It already holds a significant standing in France and Spain, with 52 stores up and running at the latter nation.

Via Forbes

Game retailer Game Group has announced impressive profit figures at the end of the first fiscal quarter of 2007 and revealed a hefty expansion plan for Europe, crediting the success largely to the launch of the Sony PlayStation 3 game console in PAL territories.

“We are very focused on the markets that we are in, but ultimately we will evaluate each new territory based on the returns that we see and the potential of that market,” said Lisa Morgan, Game Group CEO.

The company’s profits went up by GBP 29.4 million this year compared to the 5.4 million it posted last year. The company says that a stronger international presence coupled with fast sales coming from the consoles were to credit for the mark-up.

The Sony PlayStation 3 may be trailing behind rival game systems Microsoft Xbox 360 and Nintendo Wii in sales from an American and Asian standpoint, but it’s a completely different tale in Europe. Morgan described the launch week response to the PS3 as “tremendous” and commended Sony for not having restrictions in supply, which meant that the retailers always had the machine in stock, ready to be picked up by consumers.

Game Group says that efforts to expand in Norway, Australia and Portugal have already commenced. It already holds a significant standing in France and Spain, with 52 stores up and running at the latter nation.

Via Forbes