GameStop quarterly profits climb 7%
Top game retailer banks $80.4 million during Feb.-Apr.; Pokemon Black & White, Mortal Kombat, Marvel vs. Capcom 3, Call of Duty: Black Ops, Homefront pegged as best sellers.
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This morning, GameStop reported its earnings for the three months ending April 30, 2011. The quarter--the first of the specialty retailer's fiscal year--was a profitable one, with the company earning $80.4 million in net income on a record $2.28 billion of revenue. That was a 6.9 percent increase from $75.2 million in profits and a 9.5 percent boost from the $2.08 billion in revenues GameStop took in during the same period in 2010.
The company credited the uptick in profits to strong sales of high-definition consoles (that is, the Xbox 360 and PlayStation 3) and the US Nintendo 3DS launch, which took place on March 27. Overall, hardware sales rose year-over-year from $348.3 million to $432.4 million. New software sales also jumped from $873.1 million to $914.7 million, while used software sales went from $570.8 million to $625.0 million. Sales from the company's digital divisions, which include casual portal Kongregate, were up 53 percent.
In a statement, the company listed its top five best-selling games for the quarter. They were Pokemon Black and White from Nintendo, Mortal Kombat from Warner Home Video Games, Marvel vs. Capcom 3: Fate of Two Worlds from Capcom, Call of Duty: Black Ops from Activision, and THQ's Homefront. The company did not reveal the exact number of units each game sold.