SQUARE ENIX today issued a statment to clarify its position on overseas business development, after some comments made in this Financial Times report . The report said that Square Enix was hunting for a partner in the US and Europe to help raise overseas sales to 50 per cent of overall revenues within three years. Today a follow up statement from Yoichi Wada, President and Representative Director, SQUARE ENIX CO., LTD., was issued:

“It is crucial for us to expand our businesses on a global basis,” said Yoichi Wada, President and Representative Director, SQUARE ENIX CO., LTD. “At this point, our revenue from sales of games for console and handheld devices in overseas markets such as North America, the PAL territories and Asia accounts for about 50% of the total revenue in this segment. Given the fact that the size of overseas markets is now more than three times as large as the domestic market, we recognize numerous growth opportunities.

Our strategy to seize such opportunities is two-fold; (i) strengthen our own distribution channels developed by our local subsidiaries in these geographic areas, and (ii) diversify our content in accordance with user preferences in each area. Through these strategic initiatives, our initial goal within a time frame of three to five years is to raise our foreign sales ratio for console/handheld games from its current 50% level to approximately 75%. We shall continue our effort to better serve overseas markets.”