GameStop Reports Record Profits

Sat, May 22, 2010

Industry

On Thursday, game retailer GameStop reported record first quarter profits on the backs of strong new game sales.

For the quarter ending May 1st, 2010, GameStop reported $2.08 billion in revenue and $75.2 million in profits. The company’s revenues and profits rose 5.1 percent and 6.8 percent, respectively.

New video games sold rose 13.3 percent on the backs of games like Final Fantasy XIII and God of War III.

“I am pleased that our earnings have achieved the high end of guidance and total company sales have exceeded $2 billion for the first time in a non-holiday quarter,” said Daniel DeMatteo, GameStop’s Chief Executive Officer. “By maintaining a sharp focus on our customer needs and overall business execution, our strong brick and mortar business continues to provide the capital needed to invest in new stores as well as execute our strategic plan to incorporate digital gaming into our global operations.”

It is slightly surprising that GameStop has seen this growth, considering that the video game industry has seen such sharp declines over recent months.

Even more surprising is that new game sales, rather than used, drove growth. Interesting times.

[via IndustryGamers]

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Art is a Weekend Editor at Frisky Mongoose focusing on video games and the social media that surrounds them.

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