Net earnings budged up 4.8 percent to $54.7m for the quarter with used games pulling in $528m, earning a profit of $250.2m. Full year earnings raised.
It warms the heart to know retailers are rolling around in piles of our money. “Our global retail team increased revenues, expanded gross margins and maintained tight expense control which led to solid earnings growth,” said GameStop CEO J. Paul Raines.
”Based on brisk sales trends of new software titles and motion controller launches, we are enthusiastic about our business and have raised our full year earnings guidance.” GameStop have already declared Kinect as this holiday’s winner for motion.
“Several technology and consumer initiatives have entered the market, each of them strengthening our core business and establishing GameStop as the retail leader in providing consumers with exciting ways to experience video gaming,” added Dan Executive Chairman DeMatteo. They now sell digital copies of games too.
For the 3-months ending October 30th, GameStop managed sales of $1.9 billion, which is up 9 percent from last year’s same period ($1.83 billion). That gives them earnings per share at $0.38, totally slapping Wall Street boffins in the face with egg.
