GameStop records holiday sales of $3.02 billion
Specialty retailer reports modest year-over-year growth; Modern Warfare 3, Skyrim, AC: Revelations drive software; digital sales up 60 percent, fueled by Call of Duty: Elite.
The 2011 holiday shopping season was prosperous for GameStop, as the specialty retailer today announced a year-over-year sales increase of over 5 percent during the nine-week holiday period ended December 31. Sales for the special period were $3.02 billion, up from $2.86 billion during the same window last year.
New software sales surged 9.9 percent ahead of last year's tally, led by sell-through figures of high-profile Xbox 360 and PlayStation 3 new releases like Call of Duty: Modern Warfare 3, Elder Scrolls V: Skyrim, and Assassin's Creed: Revelations. GameStop CEO Paul Raines called Wii software sales "weak," and a factor that offset sales of high-definition console software.
Used game sales during the holiday 2011 period also grew, up 3.5 percent over last year's figure, and up 7 percent year-to-date.
Hardware sales dropped 19.6 percent for the period, a dip that GameStop says is a result of "no new console products or low enough price points to stimulate consumer demand."
GameStop's largest holiday growth sector was its digital sales department, which grew 60 percent year-over-year. The retailer said this growth was led by sales of Call of Duty: Elite subscriptions, which run $50 for a 12-month period.
In 2011, GameStop began selling tablets and accepting iOS device trade-ins. And during the holiday 2011 period, the retailer said trades of mobile devices equaled 4 percent of total company trade volume.
Looking ahead, GameStop reiterated its previously stated fourth quarter and full-year earnings per share guidance figures of $1.66 to $1.76 and $2.82 to $2.92, respectively.