online giving marketplace

How's GameStop Doing? Key Takeaways From Its Latest Earnings Report

How's GameStop Doing? Key Takeaways From Its Latest Earnings Report

GameStop has reported the results for its first fiscal quarter of 2017, which ended on April 29, 2017. Sales were up for year-over-year, thanks in part to what the company described as “robust” sales for the Nintendo Switch.

Total global sales were up 3.8% to $2.05 billion for the quarter, while comparable store sales were up 2.3%. International saw a big jump of 17.1%, while US store sales were down 2.3%. New hardware was up 24.6% due to the March launch of Switch, whereas new software was down 8.2%. GameStop said that decline is due to “tough overlap” with games released during the same period last year, which included releases such as Dark Souls III, The Division, and Street Fighter V.

No Caption Provided

Net earnings were down to $59 million from $65.8 million, but there were other positives. Recent years have seen GameStop attempt to diversify its business, and those non-gaming areas continued to grow during the quarter. Collectible sales were up 39.1% to $114.5 million (attributed to “strong global sales” of Pokemon products), while Technology Brand sales were up 21.5% to $201.4 million.

GameStop will host a conference call with investors and analysts this afternoon to discuss its quarterly results. It’s been known to share interesting tidbits during these; we’ll report back with anything noteworthy that it has to share.

Source: www.gamespot.com

Latest Posts From This Category

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply