GameStop beats estimates; raises full-year outlook

Grapevine, Texas -- GameStop’s net income for the second quarter fell to $10.5 million in the year-ago period, but its performance was better than analysts expected. The chain issued a higher-than-expected full-year forecast saying that it expects next-generation gaming consoles to fuel consumer demand.

Total revenue was down 10.7% to $1.38 billion in the quarter ended July 31. Same-store sales dropped 10.7%

“During this console transition period, our financial results have been supported by the continued growth of our emerging businesses,” said Gamestop CEO Paul Raines said in a statement. “Of course, excitement continues to build for the upcoming new games and the launch of the PS4 and Xbox One. As the global gaming leader, GameStop is uniquely positioned to capitalize on the new, innovative products coming to market.”

 

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