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GameStop Corp., the leading largest video game and entertainment software retailer, reported record sales and earnings for the third fiscal quarter ended October 30, 2010. Total sales for the third quarter increased 3.5% to $1.90 billion, in comparison to $1.83 billion in the prior year quarter. Continued significant market share gains on a strong slate of new title releases drove a 9% increase in new software sales.
U.S. segment comparable store sales were 5.3%, while total company comparable store sales increased 1.1%. New software sales were strong worldwide, but weakness in international hardware sales negatively affected the international comparable store sales. The shift in sales mix had a positive result on the company's gross margins and net earnings. The top five selling games during the quarter were Microsoft's Halo: Reach, Madden NFL 2011 from Electronic Arts, Fallout: New Vegas by Bethesda Softworks, NBA 2K11 from 2K Sports and Medal of Honor from Electronic Arts.
Net earnings for the third quarter increased 4.8% to $54.7 million, including $6.0 million of debt retirement costs ($3.8 million net of tax benefits), as compared to net earnings of $52.2 million, including $2.5 million of debt retirement costs ($1.6 million net of tax benefits), in the prior year quarter. Diluted earnings per share increased 16.1% to $0.36, including $0.02 of debt retirement costs, as compared to $0.31, including $0.01 of debt retirement costs, in the prior year quarter. Excluding debt retirement costs, GameStop's diluted earnings per share were $0.38, achieving the high-end of company guidance.
GameStop Corp., a Fortune 500 and S&P 500 company headquartered in Grapevine, Texas, is the world's largest multi-channel video game retailer. GameStop's retail network and family of brands include 6,606 company-operated stores in 17 countries worldwide, www.Kongregate.com, a leading browser based game site with more than 10 million monthly unique visitors, and Game Informer(R) magazine, the leading multi-platform video game publication. GameStop has opened 156 net new stores: 89 in the U.S., 47 in Europe, 8 in Canada and 12 in Australia/New Zealand.
Author: Paul Chapman, Analyst
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