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GameStop Reports $8.8b in Sales in '08
In the face of a recession, Irvine, Tex.-based GameStop expects to continue growth in 2009, and has also updated its fiscal Q4 projections.
For fiscal Q4 ended in January this year, GameStop narrowed its earnings per share guidance to the high-end of previous projections. The firm now expects EPS in the range of $1.33 to $1.34, or a 17-18 percent year-on-year increase.
For the first time in GameStop history, quarterly revenues surpassed $3 billion, with total sales coming in at $3.5 billion, a 22 percent year-on-year increase. Comparable store sales were up 9.6 percent.
GameStop expects full-year fiscal 2008 earnings per share to be between $2.39 to $2.40, or a 33 percent rise. Full year sales jumped 24 percent to $8.8 billion, up from $7.1 billion in 2007. Comparable store sales increased 12.3 percent for the full year.
For fiscal 2009, GameStop projected total sales growth between 10 and 12 percent; comparable store sales growth between 4 and 6 percent; earnings per share increases of 18 to 22 percent; and the establishment of 400 new stores worldwide.
Those growth expectations take into consideration management's belief that the recession will continue through holiday 2009.
Final sales and earnings results for the year will release in mid-March, GameStop said.
“The videogame business continues to enjoy robust growth, making it the fastest growing of the many consumer goods categories,” said GameStop CEO Dan DeMatteo in a statement.
“2008 marked yet another year of strong new hardware sales, which will again help drive sales of new videogames in the years ahead. This trend continued in January as NPD reported US new hardware unit sales grew 29 percent, led by Nintendo’s Wii, DS and Microsoft’s Xbox 360."
Additionally, GameStop will continue to expand in overseas markets, namely Europe. The company expects sales to hit $2 billion in the region this year.
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Copyright 2006 - 2009 Future Publishing Limited, Beauford Court 30 Monmouth Street Bath, UK BA1 2BW
England and Wales company registration number 2008885
Gamestop is nothing more than an upscale pawnshop. period.
it's obscene how much money they continue to rake in annually at the expense of the industry. and it's criminal how poorly they pay and treat their employees which in turn correlates to so many customer 'horror stories'.
the worst part, though, is just how unaware many gamers are of the consequences in buying used games.
Being an ex-employee of this franchise, it sickens me that they are still on the rise. They have the perfect formula. Hire expendable nerds, force them to upsell used items and upsell the idea of trading in. Never try to sell new (you get punished for selling more new product then used)...and always, always, ALWAYS push the latest trends. Sadly, those trends you won't agree with (WE NEED MORE SHOOTARZZZ ZOMG!), so you sit there and have to tell grandma and grandpa smith that this latest version of this crappy franchise would definitely make their child smile, so please pay me 54.99 for it, not 60.00, because you know, Used it the new New....
Plus, I agree with Killahillz, the employees are douchebags. Yes, I admit, I was one too. I LOVED arguing with a customer, because you just felt that you were right, even when they are dead wrong.
Killahillz, PS3 is the best console on the market. Technologically wise, and the content that is on the PSN mixed with the exclusives kill 360. Wii is it's own entity and got out of the race a long time ago, still doing wonderfully, but just tackling a different demographic. Enjoy your PS3, go buy Killzone 2, Little Big Planet, Resistance 2, Motorstorm: Pac Rift, Metal Gear Solid 4 (Game of the Year by most accounts btw, suck it 360), and many others. That's 5 games that 4 of them are under 6 months old that are exclusives to PS3.
Gamestop employees are just high school nerds who can't keep a steady relationship aside from their hand and their controllers. I know this because I was a gamestop employee once...
Great Post. GameStop is one of the best if not the best game distributors out there. Kids swear by it. To learn more go to www.newyorkshockexchange.com
I went to 2 gamestop's this past weekend, in southern california, trying to purchase a PS3. I got the same story from both places that the PS3 is breaking down and that they only have 6 games worth playing. They where trying hard not to sell me a ps3. I left pissed off and went to target to purchase it. They only 2 reasons I can think of why a retailer was trying not to sell me a product is 1. to lower quarterly sales so that sony reduces the price. 2. To make the ps3 fail so that they only have two consoles to display.
how is gamestop and Eb games these days with your used games market! I like how they have their employees telling pc gamers " pc gaming is being fazed out." here is the kicker they had a limit on the number of dow 2 pre orderes telling people they were sold out on pre orders of dow 2!
The used game market needs to die, so will game stop and EB games! while you treat pc gamers like dirt and pc gamers are stock with drm. I am sure that game devs are happy to know that console games can be rented, makes trades and has a used game market. let's not for get pircay on consoles too with no drm!