"Due to the continued deterioration of the consumer retail environment, particularly the uncertainty of the holiday period, as well as the negative impact of foreign exchange, we expect management to reduce Q4, FY08, and FY09 guidance," wrote Stern Agee analyst Arvind Bhatia in a research note on Friday.
GameStop is scheduled to report Q3 earnings on November 20.
Currently, GameStop is calling for full-year sales guidance of $8.7-$8.8 billion, and same store sales to increase 12-14 percent. Management currently projects earnings per share of $2.45-$2.50.
GameStop also expects 25 percent earnings growth in fiscal 2009.
For fiscal Q3 ended in October, the analyst estimates GameStop generated $1.84 billion.
Bhatia expects the retailer to weather the economic storm nonetheless. "Although we see [GameStop] earnings under pressure in the near term, we believe the company is fundamentally sound."