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Global games retailer GameStop has posted a solid set of Q3 numbers amidst a background of widespread financial unease.
Total sales for the quarter ending October 29th hit $1.95bn, a year-on-year increase of 2.5 per cent. Like-for-like sales slipped by 0.6 per cent. Net earnings fell from $54.7m to $53.9m.
However, it was all good news on the digital front.
Overall digital sales were up a massive 59 per cent year-on-year, with digital console sales climbing 63 per cent. Pre-owned sales were up 3.1 per cent.
The best selling titles in the period were Gears of War 3, Battlefield 3, Madden NFL 12, Batman: Arkham City and Dead Island.
In the third quarter,GameStopoutperformed the market and continued to execute against the long-term strategic plan through additional investments in digital and emerging businesses,” CEO Paul Raines stated.
We expect that our innovative digital, iDevice and gaming tablet businesses will supplement our leading retail business this holiday.
As we begin the fourth quarter, the strong sell-through of November new title releases indicates a good start to the holiday season. We know that GameStop’s buy-sell-trade value proposition and PowerUp Rewards program with 14.5m members place us on the short list of preferred shopping destinations.”
GameStop predicts comparable store earnings to range from flat to up two per cent in Q4. Full year sales are anticipated to be between minus one per cent to up three per cent.
