PS3 News: GameStop Q2 Earnings Jump By 162% - PS3 News

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GameStop Q2 Earnings Jump By 162%

Any quarter than includes the likes of Metal Gear Solid 4: Guns of the Patriots and Grand Theft Auto IV is likely to be a big one for video game retailers. And boy, did GameStop benefit big time.

According to GameDaily, GameStop has revealed its fiscal financial results for the three-month period ending on August 2. Not surprisingly, sales were up - way up - thanks to the aforementioned titles; overall sales increased by more than one-third in a year-over-year comparison. The total number came in at $1.80 billion, and earnings rocketed up by 162%. Said R. Richard Fontaine, Chairman and CEO of GameStop:

"In the second quarter, we produced record revenues in each of the geographical regions where we operate. By prioritizing our investments and focusing our resources, GameStop continues to significantly outperform the specialty retail segment as a whole, when comparing top-line growth, comparable store sales, and net earnings growth."

In addition to MGS4 and GTAIV, the company also mentioned NCAA Football 09, Battlefield: Bad Company, and Wii Fit as big movers for the quarter. As a result of this growth, GameStop has raised its projections for the remainder of fiscal 2008; they now expect a growth of between 12 and 14% by the time the fiscal year ends in March 2009, and they predict total company sales will go up 23-25% during that time period. Yes indeed, things are going well for the world's largest game retailer. Fontaine finished-

"We are raising our full year 2008 EPS guidance based on growth of the worldwide installed base and our expectations of a strong second half of the year. We have consistently delivered superior returns to our shareholders by driving value through our new and used business model, generating exceptional returns from our new store expansion and we fully expect this performance to continue."

8/21/2008 John Shepard

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Comments (18 posts)

Fatcat3788
Thursday, August 21, 2008 @ 10:23:44 PM
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Just wait for the end of 2008... I have 2 out of 7 games that I want to buy already reserved. I don't think that I am the only one either...

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MirrorSoul
Thursday, August 21, 2008 @ 10:55:23 PM
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...Wow o GameStop lol..btw the page seems darker than usual?

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karneli lll
Thursday, August 21, 2008 @ 11:59:13 PM
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maybe the profits will reduce the hatred for the ps3

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Jed
Friday, August 22, 2008 @ 1:03:40 AM

From what I have seen at my store, the ps3 is doing incredibly well. Over the last few months people are have been more and more interested with the playstation 3. It's great to see more customers come in for ps3 games, instead of everybody just buying 360 stuff.

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Jed
Friday, August 22, 2008 @ 12:58:54 AM
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I think the reason gamestop did so well over the last few months is because I started working there.

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Advent Child
Friday, August 22, 2008 @ 1:16:48 AM
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This makes me think seriously about investing in Gamestop, wouldnt mind some of those returns coming to me, you know payment for my video game habits haha

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Qubex
Friday, August 22, 2008 @ 3:14:35 AM
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There is much money being spent... who said there was a recession?

Q!

"aLL RoAdS LeAd ToO HoMe"

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Minishmaru
Friday, August 22, 2008 @ 7:35:40 AM
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Lmao...I was just about to put down Gamestop but I read the "Metal Gear Solid" part and I was at the midnight release at a Gamestop lol...caught redhanded XD

Btw, Gamestops employees for the majority atleast, have definitly less PS3 supporters than the 360 or Wii combined! Ugh!

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snglbck26
Friday, August 22, 2008 @ 9:28:34 AM
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This is excellent news. It really shows that the video game industry is thriving and is probably grabbing more revenue away from other entertainment sources.

Let's hope that the industry as a whole continues to see more growth and fewer studio layoffs.

Last edited by snglbck26 on 8/22/2008 9:28:52 AM

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shreevin
Friday, August 22, 2008 @ 11:20:27 AM
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Yeah, I think I'll have to invest in some stock myself just so I can get some of my money back! New titles can't be the only reason Gamestop is doing so well, especially when they buy a game from you then turn around a sell it at more than a 300% markup.

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rjmacready
Friday, August 22, 2008 @ 3:02:16 PM
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I had already invested in the Gamestop stock, 5 shares so far on Sharebuilder.com since April. If people stick with it, the money will grow as the video game industry keeps growing bigtime.
I have confidence in Gamestop for awhile, or as long as the games don't get converted to downloadable of course.

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Scarecrow
Friday, August 22, 2008 @ 3:31:26 PM
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Gamestop sucks
Some of the worst customer service I've seen in my life.

Supporting local stores is the best thing one can do.

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LowKii
Sunday, August 31, 2008 @ 1:22:52 PM

Dude I agree with you Game Stop/EB employees are some of the most ignorant, non smiling assholes around. and they talk down to you. and most of them know nothing about video games. You ask them if a game is good and the response you get is "I dunno". So if you all hate game stop/EB so much STOP GOING THERE, DUH. Not you Scare cause im agreeing with you, but the others, stop complaining and don't go there. I don't anymore.

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photo K
Friday, August 22, 2008 @ 5:11:56 PM
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Gamestop is now the "local" store. All the little shops have closed up around where I live. I've been seriously thinking about investing in Gamestop stock. It was about $35 a share last time I checked.

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Bugzbunny109
Friday, August 22, 2008 @ 5:45:19 PM
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I hate ganestop, for one reason, they are too cheap! Its crazy, i sold army of 2, simpsons and def jam and got 40 bucks for it. Those games cost $180 togther.

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rjmacready
Friday, August 22, 2008 @ 6:55:21 PM
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Yeah Gamestop doesn't give much at all for used games. Try Amazon for selling games. I've sold over 30 games on Amazon and it's great. You can sell it for a good, if not cheapest price compared to anyone on the site, and still get a good selling price while selling it very quickly, sometimes within 1 day.
The money gets deposited right away into your bank account and you just have to ship the game out.

Last edited by rjmacready on 8/22/2008 6:55:51 PM

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Knightedrik
Friday, August 22, 2008 @ 11:45:16 PM
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But... wh.. ahh.. sigh.


Sad, its just sad.


I hate you Gamestop...

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LowKii
Sunday, August 31, 2008 @ 1:17:37 PM
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Game Stop/ EB are serious, serious rip-off artists. they fool you with great sounding deals then after you have taken the bait you realize... "ahhh sh** why did I do that?"

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