GameStop Posts 32 Percent Decline in Profit
INDUSTRY NEWS posted on 20 AUG 2009 by Jim Zabek
A major drop in profit has prompted the game retailer to revise its forecast for revenue through the rest of the year.
A major drop in profit has prompted the game retailer to revise its forecast for revenue through the rest of the year. Citing a lack of break out titles and lackluster console sales, GameStop believes consumers have cut back their spending more than expected. The decrease in profits was expected, but still is painful. Same store sales dropped 14% and overall sales dropped nearly 4% over last year.
Share prices have fallen, off $1.50 as of this writing, or nearly 6%, or $23.68 per share.
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