UK video game retailing giant GAME has been forced to slash its profit forecast after seeing a drop in revenue compared to the Christmas period of 2014.
With underlying earnings down by approximately £13m on last year, the company’s share prices have plummeted by 34%, according to a report on the BBC.
In a statement from chief executive Martyn Gibbs, this slump is a product of a significant drop in game sales for last gen consoles.
“The switch over from the older gaming formats to PlayStation 4 and Xbox One software has impacted profitability across the UK market. The extent of the impact of this switch over has only become apparent in December which has been compounded by lower year-on-year High Street and shopping centre footfall.”