Games Workshop showed strong growth in independent retailers in North America and worldwide, as sales at its company stores and web store barely paced inflation, according to its recently released half-year report for the period ended November 30, 2025. Sales to North American retailers were up 24% in the period, similar to the worldwide growth rate of 25%; sales through company stores were up 3% in North America and 5% worldwide; and online sales were up 4% in North America, in line with 4% online sales growth worldwide. Games Workshop implemented 3.5% price increases across its line in the period, according to the report.
In dollars (converted from pounds sterling at today’s exchange rate), Games Workshop sales to retailers in North America grew $22.3 million in the period, from $93.7 million to $116.0 million. Sales to retailers account for 69% of sales as reported in the financial statements. Adjusted for the fact that online and company store sales are reported at full retail and trade sales at wholesale, sales through retailers represent around 80% of the Games Workshop product sold in North America.
Games Workshop sales worldwide were up 11% to $445.7 million for the half-year period, with core sales increases partially offset by a big drop in licensing revenue. The company remains extremely profitable, showing $141.6 million in after-tax profit for the period, the impact of U.S. tariffs (around $8 million) offset by the price increases, reduction in inventory writedowns, and other savings. Tariff impacts are falling almost exactly where the company predicted with its annual report release last summer (see “Games Workshop Projects Tariff Hit”).
Source: ICv2
