GameStop Profits Jump 134% YoY - News
by William D'Angelo, posted on 22 August 2014 / 4,303 Views
Retailer GameStop has released its quarterly report for its second fiscal quarter, which ended on August 2, 2014. Revenue for the quarter increased by 25.1 percent to $1.73 billion, from $1.38 billion during the same quarter a year ago. Net earnings jumped an impressive 134.3 percent year-over-year to $24.6 million, from $10.5 million a year ago.
"The second quarter demonstrates the power of the new console cycle and all of our business units, including Technology Brands, positively contributing to the company’s sales and profits," said CFO Rob Lloyd. "The back half of the year is filled with exciting games and products coming to market and I am confident that we are prepared to capitalize on these opportunities."
The sale of new hardware increased 124.8 percent year-over-year due to the demand of the Xbox One and PlayStation 4. New software sales increased by 15.6 percent due to the releases of Watch Dogs and Mario Kart 8. Also the sales of pre-owned games grew by 5.5 percent.
For the third quarter GameStop is expected revenue to be up between one and five percent year-over-year. For the entire fiscal year GameStop expected revenue to be up between six percent and 12 percent.
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A life-long and avid gamer, William D'Angelo was first introduced to VGChartz in 2007. After years of supporting the site, he was brought on in 2010 as a junior analyst, working his way up to lead analyst in 2012. He has expanded his involvement in the gaming community by producing content on his own YouTube channel and Twitch channel dedicated to gaming Let's Plays and tutorials. Outside, in the real world, he has a passion for the outdoors which includes everything from hiking to having received his B.A. in Environmental Studies. You can contact the author at wdangelo@vgchartz.com or on Twitter @TrunksWD.
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