GameStop's First Quarter Financial Results Beat Previous Quarters

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GameStopRetailer GameStop announced its financial results for its fiscal first quarter, ended May 3, 2008.
For the quarter, GameStop reported net earnings of $62.125 million, compared to net earnings of $24.723 million in the same period the previous quarter. GameStop credited games like Grand Theft Auto IV, Army of Two, Super Smash Bros. Brawl, Rainbow Six: Vegas 2 and Mario Kart Wii for causing revenues from the sale of new games to rise 72%. GameStop expects the remainder of the year to be a particularly strong fiscal year

Despite crediting strong new game sales, 49.1% of GameStop's revenues still came from used video game products, compared to 50.3% in the same quarter the previous year. GameStop continues to make most of its money from people who buy games like those named above and return them to the store so that GameStop can resell them for a large fraction of the new price.

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This page contains a single entry by Editor published on May 22, 2008 5:39 AM.

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