Games Workshop reports sales growth through lockdown

Games Workshop Group has reported a 15 per cent increase in sales to £90 million for the three months to the end of August, compared to £78 million for the same period last year.

This trading ahead of expectations "has been driven by healthy growth in our online and trade channels" according to the fantasy figurine retailer.

"However, our retail channel is still recovering from the COVID-19 closures earlier in 2020," the statement added. "The longer term impact on the group as a result of the ongoing pandemic is still unknown."

Operating profit for the period was estimated to be around £45 million - up from £28 million in 2019.

Ahead of next week's Annual General Meeting, the board stated that "this performance is better than the prior year but is also aware that it is still early in the financial year".

Commenting on the results, GlobalData retail analyst Alex Hardy said that while other retailers have used online to mitigate the damage of store closures, Games Workshop is one of the few that has been able to grow despite COVID-19 related restrictions.

"It has capitalised on the need in lockdown to indulge in hobbies, and fantasy gaming has proved an ideal form of much needed escapism for many, with a strong online community helping to drive sales.

"Games Workshop’s cost-conscious strategy, which includes not spending money on prime offices or shopping locations, or mass market advertising, has been critical to its profitability over the period," he added.

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