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GameStop Reports Positive Results

21 Nov, 2013 By: Chris Tribbey

Retailer GameStop Nov. 21 reported higher sales and earnings compared with the third quarter of 2012, thanks to better hardware, software and digital sales.

Revenue for the quarter was $2.11 billion, up from $1.77 billion, with GameStop reporting a profit of $68.6 million, compared with a profit of $47.2 million during the previous year’s quarter.

Comparable store sales were up 20.5% while new software sales were up 43.1%, thanks in part to the release of Rockstar Games’ Grand Theft Auto V. New hardware sales were up 15.3%, thanks to sales of the Nintendo 2DS and 3DS. Mobile and digital sales grew 14.4% to $50 million and 8.6% to $138 million, respectively.

“Our strong third-quarter sales results give us great momentum as we enter the new console cycle,” said CEO Paul Raines. “Consumer appetite for the new consoles is very strong judging by last week’s successful PS4 launch and the excitement for tonight’s Xbox One launch event. Globally, we are executing our unique playbook to maximize our position of strength.”

GameStop’s fourth-quarter results will reflect sales of Sony’s PlayStation 4 and Microsoft’s Xbox One.

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