GameStop sales tick up as profits slightly sink
Gears of War 3, Battlefield 3, Madden NFL 12, Batman: Arkham City, and Dead Island top retailer's best-sellers list as digital sales surge 59 percent.
GameStop reported quarterly financial results today, revealing slight sales growth as profits suffered a modest decline from the year prior.
For the three months ended October 29, GameStop revenues totaled $1.95 billion, up 2.5 percent year-over-year. However, net profits were off slightly, down to $53.9 million from $54.7 million for the same quarter last year. The five best-selling titles of the quarter for the retailer were Gears of War 3, Battlefield 3, Madden NFL 12, Batman: Arkham City, and Dead Island.
The retailer's new game sales rose nearly 5 percent to $879.1 million, but its digital sales business showed the most dramatic increase, surging 59 percent. GameStop did not break out the sales figures for its digital business, but the company's "other" sales category (which includes digital) was down roughly 4 percent to $245.6 million. In a postearnings conference call, the shortfall for the catch-all category was blamed on boxed PC game sales, which saw difficult comparisons given the previous year's launches of Sid Meier's Civilization V and Starcraft II: Wings of Liberty.
Looking forward, GameStop expects its fourth fiscal quarter to be bolstered by this month's slate of big new releases, including Call of Duty: Modern Warfare 3 (which has already been confirmed as the biggest North American launch in company history). The retailer also expects the bottom line to be padded by its growing digital business, as well as recent trade-in and sales initiatives for gaming tablets and iOS devices.
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