Q1 sales down 6.7% at GameStop

Global games retailer GameStop has reported a like-for-like annual sales decrease of 6.7 per cent for the quarter ending May 4th 2013.

Gross profit fell from $599.9m last year to $578.3m. Operating earnings fell from $115m to $87.2m. Net earnings fell from $72.5m to $54.6m.

New software sales fell 3.8 per cent with new hardware sales tumbling 30.6 per cent. Even pre-owned software sales fell, decreasing by 7.5 per cent year-on-year.

GameStop claims that its year-to date PS3 and Xbox 360 market share stands at 47.7 per cent in the US.

Mobile sales, however, soared throughout the period climbing 290 per cent to $46.8m while digital receipts grew 47.3 per cent.

GameStop’s continuing margin expansion, growing new businesses and market share gains are the results of executing our strategic plan,” CEO Paul Raines stated. We look forward to capitalizing on the upcoming new console cycle.”