GameStop Posts Increased Sales
The popular game retailer, which has stores and online shopping options, increased holiday sales 21% from the previous year. A report with results from the 2003 fiscal year will be issued in mid-February.
Grapevine, TEXAS -- January 7, 2004 - GameStop Corp. (NYSE:GME), the nation's largest video game and entertainment software specialty retailer, today reported sales results for the nine-week holiday period ending January 3, 2004.
Total sales for the nine-weeks ended January 3, 2004, totaled
$508.6 million, a 21.0% increase from the prior year holiday period of $420.4 million. Comparable store sales increased 4.9% for the same period, as video game software sales surged 29%, and sales of video game consoles and handhelds were above previous expectations.
Total sales for the 48 weeks ended January 3, 2004, totaled $1,462.1 million, a 16.7% increase from the prior year period of $1,252.8 million. Comparable store sales increased 1.0% for the year
to date period.
With a significantly increased installed base of video game
consoles, video game software sales increased 29% during the holiday period, fueled by strong sales of games such as Need for Speed: Underground from Electronic Arts, Mario Kart: Double Dash from Nintendo of America, Final Fantasy X-2 from Square Enix, True Crime: Streets of L.A. from Activision, and SOCOM II from Sony Computer Entertainment of America.
Based on sales trends to date in the quarter, we now expect comparable store sales will be in the +2.0% to +3.0% range for the fourth quarter, which exceeds our previously-released guidance of-2.0% to +2.0%. Diluted earnings per share for the fourth quarter are now expected to be between $0.65 and $0.66, and full fiscal year 2003 diluted earnings per share are expected to be between $1.04 and $1.05, which is at the high end of our previously-released guidance.
Full year sales results for fiscal 2003 are expected to be
released on February 18, 2004.
