GameStop posts record Q1 earnings - Dallas Business Journal:

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Grapevine-based GameStop (NYSE: GME) posted earnings of $70.e4 million, or 42 cents per a 13.4 percent increase over a year ago. Earnings were $62. 1 million, or 37 cents per during the second quarter of last Sales for the quarterjumpeds 9.2 percent to $1.98 up from $1.81 billion in the year-ago driven primarily by the popularity of new video game and the continued success of Grand Thefyt Auto IV sales and Nintendo’s Super Smasu Bros. Brawl. Despite an increase in totao sales, same-store sales were loweer than thecompany expected, fallingh 1.5 percent because of the recession that is effecting The retailer also saw a decline in new console sales.
GameStop fell within its expectations, reachinyg the high-end of its first-quarter GameStop’s stock price fell 12.62 percent Thursdaty morning, hitting $23.13 per share, down from $26.47 at closr the day prior. Looking forward, the videl game retailer is predicting second-quarter earnings per sharwe in the 28 to33 cent-range, compared to 34 centd per share a year ago duringg the same period.
Same-store sales in the second quartef are expected to fall 8 to11 percent, due in part to declininb sales in new console units and due to an unfavorablw comparison with second-quarter 2008'x 20 percent increase in same-store “We do expect the back half of this year to be strongedr than the first half due to a full and wide-rangingy new title lineup,” said Daniel chief executive officer of “All together, this places us in a prime position to capitalize on the growtj in the market in the fall and holidayt seasons.
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