GameStop reveals latest financial results

Game retailer GameStop revealed its latest financial results for its last fiscal quarter earlier today. GameStop's revenues for the quarter (which ended July 30) came in at $1.74 billion, which was down from $1.80 billion from the same period a year ago. Individual store sales were down 9.1 percent for the quarter, which GameStop blamed in part on lower sales of game consoles along with a software lineup that had less titles available on sale compared to a year ago. The company had a net profit of $30.9 million for the quarter, which was lower than the $40.3 million in profit GameStop recorded from the same period a year ago.

The five best selling games for the quarter were the adventure-action game LA Noire, the first person shooter Brink, the fighting game Mortal Kombat, the open world action game inFAMOUS 2 and the sports game NCAA Football 12. The news wasn't all bad for the company. GameStop also reported that sales of pre-owned games went up 12 percent. This was despite the fact that more retailers like Best Buy are getting into the pre-owned game business. Finally, GameStop reported much higher sales on the digital front. Revenues went up 69 percent which was higher than GameStop's previous expectations.

GameStop expects revenues to increase in the latter half of 2011. CEO Paul Raines said, "Through the back half of the year, we expect industry software sales to accelerate based on an exciting title line-up. Meanwhile, the digital and loyalty programs we have brought to market continue to gain traction with consumers and position us as a leading partner with publishers."

 

Previous Story
Woot! Oxford English Dictionary adds 400 new words
Next Story
DOTA 2 delayed to 2012