GameStop sales surge after GTA5
Retailer reports global sales climb to $2.11 billion for latest quarter; new software sales surge 43 percent driven by Rockstar's open-world game.
The record-breaking launch of Grand Theft Auto V in September boosted GameStop's bottom line substantially, the retailer announced today as part of its latest financial report for the company's third quarter ended November 2.
Sales of new software rose 43.1 percent to $1.1 billion driven by the "strong performance" of Grand Theft Auto V, GameStop said. Specific unit sales figures were not provided, though Take-Two previously announced that the game has shipped 29 million units to date. New hardware sales rose 15.3 percent to $213 million, led by "strong" sell-through of the Nintendo 2DS and 3DS.
PlayStation 4 and Xbox One hardware sales will be included in GameStop's next quarterly report.
Not all categories showed year-over-year growth. Total preowned sales fell 2 percent to $486.6 million, compared to $496.3 million last year. Meanwhile, GameStop's "other" category, which includes its mobile business, saw sales fall to $305.2 million, down from $321.9 million last year.
Overall, global revenue was $2.11 billion for the quarter, up 18.8 percent year-over-year. Consolidated comparable store sales rose 20.5 percent, above the company's forecasted range. GameStop posted a profit of $68.6 million for the quarter, up from net income of $47.2 million last year.
“Our strong third quarter sales results give us great momentum as we enter the new console cycle,” GameStop CEO Paul Raines said in a statement. “Consumer appetite for the new consoles is very strong judging by last week’s successful PS4 launch and the excitement for tonight’s Xbox One launch event. Globally, we are executing our unique playbook to maximize our position of strength.”
GameStop will hold an earnings call to discuss results and answer analyst and media questions beginning at 11 a.m. EDT. Check back later for more.
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