Funco Plans To Open More Stores

Bolstered by strong first quarter results, Minneapolis-based Funco said Monday it would open 60 stores this year instead of 40 as previously planned. FuncoLand stores sell previously owned video games. Strong video game sales and improved operating margins resulted in first quarter profitability for the first time in the company's history.

Funco said it earned US$635,000 during the first quarter. Last year, the company lost $309,000 during the first quarter. Net sales rose to $24 million this quarter from $18.9 million last year. The company attributes the strong sales increase to the growing market penetration of Sony PlayStation, Nintendo 64, and Sega Saturn products.

Funco opened 20 stores between June 1996 and June 1997, for a total of 193 locations.