20 Nov 2009 —  GameStop Reports Q3 2009 Sales Up 8.2%

GameStop reported its third quarter 2009 financials for the 13-week period ended October 31, 2009. Highlights include:

• Sales increased 8.2% to USD 1.8 billion in Q3 2009 compared to Q3 2008.
  • New software sales grew by 9.4%.
  • Used product sales increased 19.4%.
• Comparable store sales decreased 7.8%.
  • The company reports the decrease is partly attributed to lower console sales.
• Gross margin increased 120 bp to 28.1% of sales.
• SGA as percentage of sales increased 170 bp to 20.7%.
• According to the company, it increased market share of new video games by over 150 bp compared to the prior year.
• GameStop has updated its guidance for the remainder of 2009.
  • Q4 2009 comps projected -7.0% to -1.0%.
  • Full Year 2009 comps projected -7.0% to -4.0%. This is down from the guidance in Q1 2009 of full year flat to +2.0%.