British retailer GAME have issued a profit warning for the second time this year as sales for the 21 weeks to 19 December fell 11.4% to £353.4 million, The Guardian reports. Shares fell dramatically and settled at a decline of 35 percent.
The main contributing factor to the decline in sales was the sharp fall of sales on old-gen platforms, and sales for PS4 and Xbox One haven't been able to make up for it even if they are rising.
In a statement GAME's chief executive Martyn Gibbs said: "The trading conditions in the UK video games market have been challenging. 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 switchover has only become apparent in December which has been compounded by lower year-on-year high street and shopping centre footfall."
GAME also notes that sales in the wider video game market are down 13.5%.