GameStop 1st Quarter 2013 Sales Drop 6.8% - News

by William D'Angelo , posted on 23 May 2013 / 2,628 Views

GameStop has released its first quarter of its 2013 fiscal year, which ended May 4, 2013. Revenue dropped 6.8 percent to $1.87 billion, from $2.00 billion the same quarter a year ago. Profits for the quarter were also down, to $54.6 million, from $72.5 million.

"GameStop’s continuing margin expansion, growing new businesses and market share gains are the results of executing our strategic plan," said GameStop CEO Paul Raines. "We look forward to capitalizing on the upcoming new console cycle."

New software sales decreased 3.8 percent to $703.2 million, from $731.1 million a year ago. New hardware sales decreased by a massive 30.6 percent to $241.8 million, from $348.6 million. Pre-owned sales decreased to $572.6 million, from $619.0 million. Mobile sales have grown by 290 percent year-on-year, while digital receipts grew 47.3 percent.

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Resident_Hazard (on 24 May 2013)

Ha, good. GameStop profits from the hard work of other people.

Booyah (on 23 May 2013)

Next-Gen will not be kind to Gamestop. Just a hunch