GameStop Reports Record Q1 Profit19 May, 2011 By: Erik Gruenwedel
GameStop May 19 reported record first-quarter (ended April 30) net income of $80.4 million, up nearly 7% from net income of $75.2 million during the previous-year period.
The Grapevine, Texas-based national video game retail chain attributed the increase to a 9.5% rise in sales of used games, high-definition hardware sales and launch of the Nintendo 3DS system.
New game hardware topped $432 million, compared with more than $348 million last year. New games sales topped $914 million, up from more than $873 million, and used game sales reached $625 million, compared with more than $570 million last year. Other revenue, which includes a 53% increase in digital sales, topped $309 million, compared with more than $290 million last year.
Total revenue rose 9.5% to $2.28 billion, compared with $2.08 billion last year.
Top-selling games in the quarter included Nintendo’s Pokémon Black and White, Mortal Kombat from Warner Home Video Games, Capcom’s Marvel vs. Capcom 3: Fate of Two Worlds, Call of Duty: Black Ops from Activision and THQ’s Homefront.