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GameStop "expects to open stores opportunistically"

Ben Parfitt
GameStop

Retail giant GameStop has said it “expects to open international stores opportunistically while keeping square footage flat”.

The statement comes as behind-closed doors negotiations between GAME and other companies continue ahead of its move into administration in nine days time.

For Q4 the retailer suffered a 3.6 per cent drop year-on-year in like-for-like sales. Total global sales hit $3.58bn.

Adjusted net earnings for the period grew from $238.8m in 2010 to $239.5m – a far better performance than was seen in the wider games market. Net earnings fell from $237.8m to $174.7m.

For fiscal 2012 total global sales reached $9.55bn. Like-for-like sales fell 2-1 per cent. Hardware sales fell though there were gains in both the new and pre-owned software markets. Digital grew by 57 per cent.

Adjusted net earnings for the year fell from $412.8m to $405.1m. Net earnings fell sharply from $408m to $399.9m.

“In 2011, GameStop outperformed the video game market through disciplined execution of its core business and strategic initiatives,” CEO Paul Raines stated.

“For 2012, we project operating earnings growth based on the continuation of our transformation, led by our strong pre-owned business, expanding digital offerings and emerging mobile categories.”

The chain predicts growth in 2012 thanks to increased digital and pre-owned sales.

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Tags: GAME , growth , new , stores , gamestop , International

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