Games Workshop reported growing sales in stores and declining sales online in its most recent half-year report for the period ending December 1, 2024.  Worldwide, trade sales were up around 24.3%, while sales in Games Workshop stores were up 13.3%, and online sales were down 4.0% (all in constant currency).  Overall, global sales were up 16% for the period, an impressive performance given the launch of the new edition of Warhammer 40,000 in the same period last year.

The company attributed growth in the period to the launch of the new editions of Age of Sigmar and of Warhammer 40,000: Kill Team.  The report noted that sales in company stores had turned around after tough comps in June and July; we also reported soft summer sales for Games Workshop in our report on the season (see "Quiet Summer").

Drilling down, it’s worth noting that online sales were down 12.2% for physical products alone, a sharp decline, which the company attributed to the tough comps.

In North America, sales through the trade were up 17.7%; sales through company stores were up 12.0%, and online sales were down 14.7%.

Because of the growth rates that have been higher in third-party stores than in Games Workshop stores and online, sales through independent retailers now make up around two-thirds of Games Workshop’s product sales worldwide and in North America.

Games Workshop has been giving updates on its problems fulfilling orders completely in its recent financial reports; this time around, the company said that their manufacturing still lags demand, although they have improved shipping out of their Memphis warehouse.

The company remains extremely profitable (see "Games Workshop Record Profits"), with £95.2 in profit (around $117.3 million at today’s exchange rate) for the half-year, around a 32% net profit margin.

Games Workshop did give a glimpse into the period after the end of the reporting period, estimating that sales were up about 12% year over year in December.