GameStop earnings beat forecast
By Danny King -- Video Business, 2/20/2008
FEB. 20 | GameStop’s fiscal fourth-quarter earnings beat its forecast on better-than-expected January sales in both the U.S. and overseas.
The largest U.S. videogame retailer said last week in a preliminary earnings statement that profit for the quarter ended Feb. 2 was as much as $1.12 a share, up from its forecast of $1.10. Same-store sales increased 17.4%, more than its January forecast of 16.5%.
An industry-wide shortage in game-system inventory didn’t slow post-holiday sales, the company said in a Feb. 15 statement. Last month, GameStop said same-store sales increased for its nine-week holiday period to 34.7% from 20% a year earlier on demand for the Guitar Hero and Call of Duty games series.
The company will release its full earnings results next month.
GameStop shares rose $1.87, or 4.1%, to $47.63 on Feb. 15. They closed at $46.86 yesterday.
