Games Workshop had a spectacular year in North America in the fiscal year ended May 28, 2017, with growth in company-owned stores leading the way. Sales through its own stores grew 58% to $22.5 million for the year. There was substantial increase in per-store volume, as the number of stores rose a more modest 11%, from 100 at the beginning of the year to 111 at the end.
Average volume per store (using the midpoint, or 105 stores as the denominator) was roughly $213,877. That volume, at Games Workshop’s very healthy margins and tight expenses (96 of those stores were in the company’s “one-man store” format), can produce solid net profits for the company.
Sales to independent retailers were also up dramatically, by 39% to $36.5 million. Since that’s at wholesale price, sales through independent retailers are 2.5 to 3 times sales in company stores. That’s just math; there are a lot of places in North America that you’re not reaching with 111 stores.
Games Workshop sales worldwide were up 34% for the year to £158 million, compared to £118 million in the previous fiscal year. Profits more than doubled to £30.5 million, up from $13.5 million the previous fiscal year.
The company had flagged rapidly increasing sales in North America at the half-year mark (see “Games Workshop Sales up 43%”).