Published: Wed, November 22, 2017
Hi-Tech | By Grace Becker

GameStop reports 1.5 pct rise in quarterly revenue (GME)

GameStop reports 1.5 pct rise in quarterly revenue (GME)

The company, based in Grapevine, Texas, reported Tuesday that total global sales increased 1.5% to $1.99 billion (flat in constant currency), resulting in consolidated comparable store sales growth of 1.9% (+0.6% in the US and +4.6% internationally).

GameStop's third quarter net earnings were $59.4 million, or $0.59 per diluted share, compared to net earnings of $50.8 million, or $0.49 per diluted share in the prior-year quarter.

GameStop recently reported on the results of its performance during the third financial quarter in 2017 (2013). However, the figure fell below analysts' expectations of $7.78 billion in revenue, per Thomson Reuters.

GameStop has the leading market share for both Switch Software and hardware in the United States and in most of the worldwide markets in which the company is present.

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Bartel also mentioned that the 5.4% increase in overall new software sales was partly due to the Nintendo Switch, with another part driven by the strength of Call of Duty: WWII.

"As we enter the fourth quarter, we are encouraged by the initial customer response to Microsoft's Xbox One X, and believe that the holiday season results will be driven by new console hardware and collectibles", says interim CEO Dan DeMatteo.

It's reiterated full-year guidance for EPS of $3.10-$3.40 (vs. $3.34 expected) and forecasts full-year comparable-store sales to rise in low to mid-single digits.

GME stock gained 5.3% on Wednesday.

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