Games Workshop, which makes and sells fantasy model games such as Warhammer, the Hobbit and Lord of the Rings, has had a bad Christmas and predicted lower annual profits.
The company said December sales were below expectations, and warned that pretax profit for the year to 29 May is unlikely to exceed £16m. Last year, it made profits of £16.6m.
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Sales fell at its global network of 430 shops, where customers can paint and play with figurines, while online sales increased 5.3%. Its miniature figures are made in Nottingham and exported all over the world, with nearly three-quarters of sales outside the UK.
Pretax profits were flat at £6.3m in the firm’s first half, the six months to 29 November. Sales fell by 2.2% to £55.3m.
Chief executive Kevin Rountree insisted: “We have made some good progress on our strategic initiatives all focused on delivering long-term growth.”
The fantasy wargames specialist, which caters mainly for teenage boys and male adults, said it had launched some new products and its new visitor centre performed well. It has appointed a recruitment expert to ensure a constant supply of store managers.
The company has been restructuring, closing its European regional headquarters and shifting to smaller stores. It is rebranding its stores as “Warhammer” – because that is what its customers call it. It also froze staff pay last year to keep costs down.
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