GameStop today announced their fiscal results for the fourth quarter and full fiscal year ending January 30, 2010. Sales were up slightly (less than one percent) to $3.52 billion in Q4, with comparable store sales down eight percent and net earnings down seven percent compared to the same period last year to $215.9 million ($1.29 per share).
Full year sales were up three percent to $9.08 billion compared to $8.81 billion in fiscal 2008. Comparable store sales were down an identical percent as in the fourth quarter and net earnings were down 5.3 percent to $377.3 million ($2.25 per share) compared to $398.3 million ($2.38 per share) in 2008.
"GameStop delivered its second highest earnings year ever in fiscal 2009, in spite of the weak worldwide economic environment," indicated Daniel DeMatteo, GameStop CEO. "We saw global market share growth as new software sales increased 1.2%, proving once again that the great entertainment value and exceptional service GameStop delivers resonates with our customers. Each facet of our business has been evaluated in the past year and I am pleased that our team worldwide is working harder than ever to enhance our core competitive advantages and also build new, exciting growth drivers.”
For the upcoming 2010 fiscal year, GameStop is expecting sales to increase five percent, with hardware sales down between five and 15 percent, but new software up between two and five percent and used products up between five and 10 percent. Earnings per share are expected to range from $2.58 to $2.68.
"GameStop remains committed to our long-range plans by prudently investing in new stores and strategic initiatives to strengthen our relationship with our customers,” added DeMatteo. “In 2010, we see great opportunity to deliver earnings growth by improving global operational efficiencies, expanding our leading market share and utilizing the buy-sell-trade model to drive new and used software sales."
The company has ambitious plans for using its money in 2010, including $75 million for the opening of 400 new stores, $125 million in store improvements and loyalty program enhancements, $100 million for acquisition and investments and $300 million for share repurchases, with $900 million in cash expected to be left over at the end of fiscal 2010.
25 Comments
May 5, 2010
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May 9, 2010
I like all most games. Something new and interesting to play. With the release of Mega Man 10 slated for later this month on PSN and XBL, expect the DLC releases on those systems to be pushed back a bit as well. online fax
May 13, 2010
Resident Evil to be the first in the industry to make a 3D game. There needs to be a large 3D television-owning userbase before that can happen, but I always like trying out new things first. online shopping cart
May 23, 2010
We are treating the Mac as a tier-1 platform so all of our future games will release simultaneously on Windows, Mac, and the Xbox 360. Updates for the Mac will be available simultaneously with the Windows updates.
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May 23, 2010
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May 25, 2010
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May 26, 2010
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May 27, 2010
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GameStop is currently valued at about $3.27 billion, but an unnamed private equity firm is apparently.Directory
July 13, 2010
So honestly, content is so much more important than the 3D or 2D delivery; I think it really trumps it. We, as a company, want to be there with our partners as they push it forward, but I’ll say it again, we’re going to respond to what works for the consumer.online fax
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