The games industry continues to demonstrate its resilience to the tough global economic climate with news that North American based games retailer GameStop enjoyed its eighth straight year of growth in 2008.
Full-year results for the fiscal year ending January 31st 2009 saw like-for-like sales climb 12.3 per cent for the same period the year before. Total sales climbed 24.1 per cent to hit $8.8bn. Net earnings for the year were up 38.2 per cent at $398.3m.
Q4 like-for-like sales were up 9.6 per cent year-on-year with total sales jumping 21.9 per cent, reaching $3.5bn. Net earnings for the quarter increased 22.4 per cent to $232.3m.
In spite of the current worldwide retail environment, GameStop's financial performance is being driven by delivering to consumers what they want: stores in a wide range of locations, knowledgeable associates and most importantly, options that provide value,” CEO Daniel DeMatteo stated.
Our affinity with consumers, combined with our solid business model, prudent financial management practices, expansive brand presence and strategic merchandising, allowed us to achieve a record eighth straight year of sales and earnings growth.
Looking at 2009, we are confident in our ability to increase sales and earnings, generate significant cash, advance market share, and maintain a financially sound balance sheet. We have positioned GameStop to offer video game consumers worldwide the best values for gaming.”