Added: 28.05.2015 21:09 | 7 views | 0 comments

Video game retailer GameStop on Thursday reported earnings for the first quarter of 2015 ended March 31, revealing total global sales and profit were up compared to last year.

Worldwide revenue rose 3.2 percent to $2.06 billion, driven in part by 9.6 percent growth in new software sales. Secondhand sales, one of GameStop's core categories, however, declined 3.4 percent.

The retailer's mobile and consumer electronics division posted $136.8 million in revenue for the quarter, up 33.9 percent. GameStop's Technology Brands division, which includes Spring Mobile and Simply Mac, saw total revenue increase an even healthier 70 percent to $102.2 million.

GameStop's profit for the quarter was $73.8 million, up 8.5 percent from last year's $68 million. GameStop also pointed out that its first-quarter profit represented the "highest level of profitability" for GameStop during its first quarter since 2011.

"Our first quarter results exceeded expectations, displaying our market leadership and our ability to drive and leverage our core video game business and expand our diversified businesses to deliver healthy profits and solid top-line growth," GameStop CEO Paul Raines said in a statement. "This performance confirms that our effort to transform GameStop into a family of specialty brands is the right strategy to drive durable revenues and shareholder value."

The retailer will hold a call to discuss these results and answer analyst questions today, starting at 2 PM PDT / 5 PM EDT.

Added: 28.05.2015 3:16 | 14 views | 0 comments


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