Updates

Game - Consumers stay away before Xmas

February 2003

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Following a sudden bout of share price weakness, Game issued a poor trading statement on 17 December, followed by another on 10 January which showed like-for-like sales down 4.7% in December although they recovered slightly to increase 3.8% in the 5 weeks to 4 January. As a result, there was an unexpectedly high level of promotional activity, which will put pressure on gross margins. Two things have happened. Firstly, Game's rivals started cutting their prices before Christmas. In particular, Dixons, the second largest computer game retailer, sold its top titles at Â£29.99, a 30% discount, which still gave it superior margins to those of its brown goods. ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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