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GameStop Q2 Earnings Halved

Grapevine, Texas — GameStop’s second quarter profits fell by half, to $10.5 million, and net sales slipped 10.7 percent, to $1.4 billion, as customers waited out the introduction of new gaming platforms this fall. 8/22/2013 09:47:00 AM Eastern

Grapevine, Texas — GameStop’s second quarter profits fell by half, to $10.5 million, and net sales slipped 10.7 percent, to $1.4 billion, as customers waited out the introduction of new gaming platforms this fall.

 The No. 1 gaming specialty chain said earnings were better than expected, given the industry pause as Microsoft and Sony prepare for the launch of their next-generation Xbox One and PS4 systems.

“Through two quarters, the year has played out as expected,” said CEO Paul Raines. “During this console transition period, our financial results have been supported by the continued growth of our emerging businesses” – including mobile and digital downloads – and by tighter expense controls.

Broken out by category, mobile sales grew 121.4 percent to $55.1 million; digital downloads grew 17.9 percent to $158 million; sales of new software decreased 9.3 percent; new hardware sales declined 19.4 percent; and pre-owned sales decreased 6 percent.

Raines added that GameStop is “uniquely positioned to capitalize on the new, innovative products coming to market,” and is projecting comp sales to grow as much as 15 percent in the third quarter.

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