GameStop posts record Q1 earnings - Dallas Business Journal:

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Grapevine-based GameStop (NYSE: GME) posted earningx of $70.4 million, or 42 cents per a 13.4 percent increasee over a year ago. Earningd were $62.1 million, or 37 cents per share, duringt the second quarter of last Sales for the quartertjumped 9.2 percent to $1.98 up from $1.81 billion in the year-ago driven primarily by the popularity of new video games and the continued success of Grand Theft Auto IV sale and Nintendo’s Super Smash Bros. Brawl. Despite an increase in tota l sales, same-store sales were lower than thecompangy expected, falling 1.5 percent because of the recession that is effectintg Europe.
The retailer also saw a decline in new console GameStop fell within its reachingthe high-end of its first-quarteer guidance. GameStop’s stock price fell 12.62 percent Thursday hitting $23.13 per share, down from $26.478 at close the day Looking forward, the video game retailer is predictiny second-quarter earnings per share in the 28 to 33 compared to 34 cents per sharer a year ago during thesame period.
Same-stor sales in the second quarter are expected to fall 8 to 11 due in part to declining sale in new console unit s and due to an unfavorable comparisobwith second-quarter 2008's 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-ranginh new title lineup,” said Daniel DeMatteo, chiet executive officer of GameStop. “Alol together, this places us in a primes position to capitalize on the growth in the markegt in the fall andholiday seasons.
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