GameStop has reported a 3.6 per cent decline in like-for-like store sales for its fiscal fourth quarter.
Net earnings for the period fell $63.1m to $174.7m – that’s a drop of 27 per cent.
Global sales for the fiscal year remained largely static at $9.55bn, with like-for-like sales falling 2.1 per cent. Net earnings fell from $408m in 2010 to $339.9m.
Declines in hardware sales were offset by a 57 per cent increase in digital sales.
“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.”