GameStop Enjoyed Holiday Cheer14 Jan, 2008 By: Chris Tribbey
GameStop, the Grapevine, Texas based video game and entertainment retailer, announced Jan. 10 it had posted its best holiday season profits ever, largely thanks to the sales of the product one would expect: video game software.
“Driven by robust domestic and international sales, GameStop achieved the most successful holiday season results ever,” said chairman and CEO R. Richard Fontaine. “Video game software sales grew by 45%, while the next-generation installed base is now triple last year's base and a very positive leading indicator for future sales growth.”
Total sales for GameStop's nine-week holiday period, which ended Jan. 5, were more than $2.3 billion, a 34.7% increase over the same period last year ($1.7 billion). Comparable store-sales increased roughly 20%, the company reported.
Due to the successful season, GameStop has upped its full year comparable-store sales up nearly 25% over the previous year. Full 2007 results are expected in mid-March.