Thursday, March 26, 2009

GameStop Reports Record Results

Grapevine-based GameStop, the video game and entertainment software retailer, is bucking the trend, reporting this morning that it had "record" sales and earnings for its fiscal year ended January 31st. The firm reported it had net earnings of $232.3M in the fourth quarter, a 22.4 percent increase from the prior year, and net earnings of $398.3M for its fiscal 2008, up 38.2 percent. The firm's CEO, Daniel DeMatteo, said in a statement that the results came in spite of the current worldwide retail environment. GameStop said that despite the worldwide recession, the firm is expecting "robust" increases in sales, operating margins, earnings, and cash generation in 2009.