Game's a bogey for console retailer

Video games and consoles retailer Game Group saw shares tumble yesterday after it revealed half-year losses of £18.8 million.

Its plunge into the red compared with underlying pre-tax profits of 14.5m a year earlier and came after it suffered a 16.2 per cent slide in UK and Ireland sales during the six months to 31 July.

Game, which recently hired former Vodafone retail boss Ian Shepherd to help revive its fortunes, said like-for-like sales declines had since eased and raised hopes of a better second half. But the news failed to ease shareholder concerns, with shares closing 11 per cent lower at 58.5p.

Game warned in June that sales were expected to fall throughout 2010.

A stronger Christmas line-up of software releases and new motion sensing technology looks set to return the market to growth.