Ubisoft have reported their sales for the first fiscal quarter ending June 30th, 2009. As one might expect in these credit crunch times, things haven't been going so well:

• Q1 sales are down 51%, to €83 million from €169 million in the same period last year. Sales came in 12.6% below the guidance issued when Ubisoft released their sales figures for Q4 2008-09.
  
• Q2 sales targets have been revised downward; sales are now expected to reach around €80 million, a 54% decrease on Q2 last year.

Ubisoft CEO Yves Guillemot explained the reasons for the decline:
"We are currently experiencing a very sharp slowdown in our sales for Nintendo DS as well as sales of back-catalog titles, in the context of a market that is tougher than anticipated. This will have a significant impact on our first-half showing.

Read the full statement here.