GameStop reports lower net income for Q2, provides outlook for Q3
Sep 12, 2013 (MarketLine via COMTEX) --
GameStop Corp, a multichannel retailer of video game products and personal computer entertainment software, has reported that consolidated net income attributable to the company for the second quarter ended August 3, 2013 was $10.5 million, or $0.09 per share, compared to $21.0 million, or $0.16 per share, for the same quarter ended July 28, 2012. For the third quarter of fiscal 2013, the company expects diluted earnings per share to range from $0.50 to $0.55.
Net sales for the second quarter ended August 3, 2013 were $1.38 billion, compared to $1.55 billion for the same quarter ended July 28, 2012.
Consolidated net income attributable to the company for the six months ended August 3, 2013 was $65.1 million, or $0.55 per share, compared to $93.5 million, or $0.71 per share, for the same period ended July 28, 2012.
Net sales for the six months ended August 3, 2013 were $3.25 billion, compared to $3.55 billion for the same period ended July 28, 2012.
Paul Raines, CEO stated: "Through two quarters, the year has played out as expected. During this console transition period, our financial results have been supported by the continued growth of our emerging businesses. This strength helped drive a 130 basis point improvement in gross margin rate for the second quarter."
Raines continued, "Of course, excitement continues to build for the upcoming new games and the launch of the PS4 and Xbox One. As the global gaming leader, GameStop is uniquely positioned to capitalize on the new, innovative products coming to market."
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