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Alliance Entertainment Holding Corporation (NASDAQ:AENT) ("Alliance Entertainment", "Company"), a distributor and wholesaler of the world's largest in stock selection of music, movies, video games, electronics, arcades, toys and collectibles, today announced its COKeM gaming division reported sales of the popular Arcade1Up home arcade machines that exceeded initial forecasts in the calendar fourth quarter of 2023.
"Sales of Arcade1Up products performed well and exceeded expectations during the 2023 holiday season," said Ken Glaser, Alliance Entertainment SVP of Sales. "Throughout 2023, the team worked hard to right-size our arcade inventory levels which began 2023 at $54.3 million. 2023 year ending arcade inventory stood at $17.4 million. There was also more than $20 million in new arcade inventory purchased in 2023 to support the holiday sales, and our strategy and focus this year is on profitable sales growth with our growing arcade customer base. Success during the holiday season can be attributed to aggressive sales and advertising campaigns, working hand-in-hand with Arcade1up to drive consumers to our retail partners and our alignment with key e-commerce retailers, including Amazon, Best Buy, Kohl's, Target, Walmart, Wayfair, QVC/HSN, Dell and more.
"This year's hot holiday items in the arcade category included the Infinity Game Table (www.infinitygametable.com), the award-winning digital tabletop gaming experience by Arcade1Up. Infinity Game Table and its recently released companion ‘Infinity Game Board' brings digital versions of iconic classics, new favorites, and an ever-growing library of games. Also, the introduction of the riserless "Deluxe" Arcade Cabinets, which include best sellers Pac-Man, Ms. Pac-Man/Galaga Class of 81, Mortal Kombat and more were launched mid-year 2023. These core titles are expected to show sales growth of more than 60% in 2024. With a more focused approach and consistent market pricing on ‘core' arcade SKU's, we expect there to be a renewed interest and excitement around the assortment in the coming year," concluded Glaser.
Jeff Walker, CEO & CFO of Alliance Entertainment, added, "We are encouraged by the higher-than-expected arcade sales results our COKeM gaming division this holiday season. Our compelling gaming product offerings were supported by high impact advertising campaigns and key retail partnerships. We expect this trend to continue as we solidify Alliance Entertainment's position as the premiere distributer of Arcade1Up products to retailers across the United States. These trends, along with an improvement to working capital, higher inventory turns, and reduced fixed and variable cost position us well for calendar year 2024."
Posted In: AENT
