Grapevine, Texas Video-game retailer GameStop Corp. posted an 11.8% rise in profit for the quarter ended Oct. 31, as net earnings for the quarter were $52.2 million, compared with $46.7 million in the prior-year period.
Sales were $1.83 billion, up 8.2% from $1.70 billion in the year-ago period. Comparable-store sales decreased 7.8%, attributable primarily to a decline in new video-game hardware sales, said the company.
Daniel DeMatteo, GameStop CEO, stated, “A sharp focus on efficient operations in this challenging global economy delivered solid earnings results and significant market share gains. Gross margins expanded, led by a sequential 150 basis point improvement in the used category. Store foot traffic increased from the prior quarter, driven by strong new title releases and price cuts on all current generation platforms.”
GameStop Corp. operates 6,391 retail stores in 17 countries worldwide.