FINANCE

GameStop sales fall, but mobile sales explode

BY Staff Writer

Grapevine, Texas – While overall sales for GameStop fell significantly during first quarter 2013, the video game retailer can take some solace in a substantial boom in mobile sales. Total sales of $1.87 billion were about 7% below $2 billion in sales recorded during the first quarter of last year. However, mobile sales grew an impressive 290% to $46.8 million and digital receipts increased 47%. Net earnings of $54.6 million were 25% below net earnings of $72.5 million a year earlier.

“GameStop’s continuing margin expansion, growing new businesses and market share gains are the results of executing our strategic plan” said CEO Paul Raines. “We look forward to capitalizing on the upcoming new console cycle.”

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FINANCE

Bon Ton boosts net sales, lowers net loss

BY Staff Writer

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York, Pa. – The Bon Ton Stores, Inc. increased net sales and reduced its net loss during first quarter fiscal 2013. The retailer reported net sales of about $647 million, a 1% improvement from about $641 million a year earlier. Net loss equaled $26.6 million, as opposed to a net loss of $40.8 million in first quarter fiscal 2012. Same store sales increased 1.2%.

Brendan Hoffman, president and CEO of Bon Ton Stores, said the company is making “meaningful progress” on strategic initiatives and was able to increase same store sales despite inclement weather during the quarter. He cited several factors as positively impacting different areas of Bon Ton’s performance.

“Enhancements to our e-commerce business again yielded double-digit sales growth while we saw increased penetration of proprietary credit card sales due to concentrated efforts to drive this business,” said Hoffman.

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FINANCE

Cato Corp. has down quarter

BY Staff Writer

Charlotte, N.C. – Specialty women’s apparel and accessories retailer Cato Corp. reported declining sales and net income during first quarter 2013. Sales dropped 2% from $272.8 million to $267.2 million, while net income fell 3% from $31.7 million to $30.8 million. Same-store sales also declined compared to the same quarter a year earlier, by 5%.

“Continuing difficult economic conditions, higher payroll taxes, delayed income tax refunds and cooler than normal temperatures in March and April negatively impacted first quarter sales," said John Cato, chairman, president, and CEO of Cato Corp.

During the first quarter, the company opened three stores, relocated one store and closed six stores. As of May 4, 2013, the company operated 1,307 stores in 31 states, compared to 1,293 stores in 31 states as of April 28, 2012.

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