GameStop Holiday Sales Fall 4.6 Percent

Video game retailer GameStop revealed that sales for the last nine weeks of 2012 came in at $2.88 billion, a 4.6 percent decrease from the 2011 holiday shopping season. The retailer blamed a lack of in-store traffic as the primary cause. Second-hand sales were also down 15.6 percent because of limited inventory, according to GameStop. New game sales were also down by 5.1 percent, while hardware numbers were down 2.7 percent.

GameStop categorized the launch of the Wii U as "successful," and continued to see growth in its online and mobile businesses. Digital sales were also up more than 40 percent for the holiday period, with e-commerce sales up 20.5 percent, and mobile sales coming in at $76.5 million.

Looking ahead, GameStop said that it expects to hit the low end of its per share guidance range of $2.07 – $2.27. The company also lowered expectations from previous guidance of between -7 percent and +1 percent to -4 percent for its fiscal fourth quarter.

Source: GII

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