Video games retailer GameStop reported a 25 percent increase in total global sales compared to the same period a year ago. The company reported $1.73 billion for the second quarter of this year, a 25.1 percent increase over last year's Q2 number of $1.38 billion. Consolidated comparable store sales increased 21.9 percent and net earnings for Q2 came in at around $24.6 million, up 134.3 percent from $10.5 million in the same period last year.
Retailer GameStop announced that its CEO Paul Raines underwent unscheduled surgery last week to remove a small, cancerous tumor from his brain. The company revealed the news in a Securities and Exchange Commission filing. The surgery, removed the tumor from an "easily accessible" part of Raines' brain and was a success. Raines is expected to make a full recovery, according to GameStop.
Video games retailer GameStop is revamping its game trade-in program in a way that will ultimately put more money in consumers' pockets. According to a report on Kotaku (based on a leaked internal memo sent to employees), the new system will officially launch on Aug. 18 and will vastly simplify the retailer's current trade-in program.
GameStop CEO Paul Raines says that yesterday's news that the company wants to get more involved in the development process in order to bring exclusive content to the retailer may have been slightly misunderstood. The Raines interview with Time that comes on the heels of comments from a financial analyst with R.W. Baird who reported that GameStop management was discussing the possibility of ramping up the company's participation in game development during a recent investor meeting.
During a conference call last night to discuss the latest quarter's results, games retailer GameStop said that it is seeing a greater interest in Xbox One since announcing the new Kinect-free SKU. Microsoft announced last week that it would roll out an Xbox One SKU that did not include the motion sensing camera technology and that it would be $100 cheaper at $399.
During the call last night, GameStop president Tony Bartel said the company is seeing "stronger demand" for the Xbox One since last week.
Video game retailer GameStop reported earnings for the quarter ended May 3, last night after the closing bell. The retailer posted $2 billion in revenue, up 7 percent compared to the $1.87 billion it made in the same period a year ago. The company reported a profit of $68 million, an increase of roughly 24.5 percent compared to last year's net earnings of $54.6 million.
Video games retailer GameStop will close between 120 to 130 of its 6,457 retail locations worldwide, the company announced. The move is part of a plan to focus more on mobile called "GameStop 3.0," according to what CEO Paul Raines said at GameStop's 2014 Investor Day yesterday. As part of that initiative GameStop will focus on Mobile and Apple-based devices by launching stand-alone chains like the AT&T-branded chain "Spring Mobile" and the Apple retailer "Simply Mac."
GameStop announced today that it has entered into a partnership with researchers from the Center for Retailing Studies at Texas A&M University’s Mays Business School and IBM.
IBM will provide the video games retailer with its BlueMix could platform, which will allow GameStop to "incorporate new mobile and cloud apps with previously existing systems, creating an enhanced atmosphere for customer interaction online and in-store."
GameStop reported sales of $3.68 billion for the forth-quarter of 2013, a 3.4 percent increase over the $3.56 billion the company reported in the same period a year ago. It comes as no surprise that the retailer attributed the increase in sales to the launches of Sony's PlayStation 4 and Microsoft's Xbox One in November of last year.
A source close to the situation (who asked not to be named because they were not authorized to talk about the matter) has informed us that GameStop is in a battle at locations around the country that are in a general proximity to Walmart. Walmart launched its video game trade-in program today, offering consumers the ability to trade in their old video game software for in-store credit.
Financial analyst Edward S. Williams of BMO Capital Markets issued a report previewing GameStop's fourth quarter results, which will be released on Thursday, March 27, followed by a conference call with investors at 11:00 a.m. EDT. Williams predicts that the video games retailer will report strong hardware sales from the launches of the PS4 and Xbox One for Q4, but weaker software sales during this transitional console period. He also said that severe winter weather, which hit most of the United States in January, may have affected January sales—as well as April quarter sales.
According to this Polygon report, video games retailer GameStop is engaging in a little bit of price gouging. According to the report, the retailer has raised the price of the PS4 camera peripheral to $69.99. When Sony announced the peripheral back in 2013 it carried a suggested retail price of $59. Last month the device was listed at that price point, but recently the PS4 camera has been scarce or sold out at most major retailers in the United States.
Kongregate CEO and co-founder Jim Greer will step down to focus on a political career of sorts, the executive announced via a blog post on Kongregate.com. Kongregate co-founder and current COO Emily Greer will be taking over as CEO of the casual and indie games website owned by games retailer GameStop.
Update: Apparently a system error is being blamed for the disappearance of pre-orders for the Wii U version of Ubisoft's Watch Dogs at GameStop. A spokesperson for the retailer tells Kotaku that the error has been corrected and that pre-orders for the game will be available again soon.
GameStop said today that it generated $3.15 billion in total worldwide sales over the nine-week holiday shopping season of 2013. The numbers represent a 9.3 increase over the same period a year ago, which can be directly attributed to new consoles and new console software sales. In fact, GameStop said that hardware sales were up 99.8 percent over the same period a year ago. Go figure.
GameStop has partnered with St. Jude Children's Research Hospital to raise at least $500,000 in charitable donations for the annual St. Jude Thanks and Giving campaign, which involves a number of companies and personalities including celebrities, media, retail and corporate brands. They all come together to ask consumers to donate while they shop during the holiday season and join St. Jude in finding cures for sick children.
If you don't already own a PlayStation 3 or Xbox 360 and don't mind buying a refurbished used console, then a sale announced by retailer GameStop might be of interest to you. GameStop is cutting the price of its refurbished PS3 and Xbox 360 consoles from October 11 - 24. No doubt it wants to unload some of its older inventory to make room for the next-generation Xbox One and PS4 launching in late November.
During a recent conference call to discuss its fiscal year 2013 second quarter results, GameStop chief financial officer Rob Lloyd said that the retailer was operating 6,505 stores. The company also said that it added 13 new stores globally during the quarter. That means that during the second quarter which ended on August 3, the company closed right around 52 stores.
Video games retailer GameStop announced financial results for the second quarter of 2013, beating analyst expectations on earnings per share, but posting a loss nonetheless. Total global sales for the second quarter of 2013 were $1.38 billion, compared to $1.55 billion in the same period a year ago - a 10.7 percent decrease. Consolidated comparable store sales also decreased 10.7 percent, slightly better than the guidance provided by the company on May 23.
Yesterday, it was suggested that GameStop received a new shipment of the fairly rare and in demand RPG Xenoblade Chronicles and is selling them as 'used' for $90.
Why would GameStop mislabel a batch of new games as 'used' when it could command a higher price selling them new? Like the number of licks required to reach the Tootsie Roll center of a Tootsie Pop, the world may never know because all anyone's been able to get out of the games retailer is why a used copy of Xenoblade costs so darn much.
When you go to eBay, Craigslist, or some off-the-beaten-path retro game store you expect some level of price gouging to happen. People selling old games in these spaces categorize them as collector's items and try to sucker you into paying $500 for an old copy of a game (like Minish Cap for GBA). But when GameStop does it, you have to wonder what the heck is going on. Apparently that is exactly what the world's largest video gaming retailer is doing, according to this Kotaku report.
A federal judge in Camden, New Jersey has given the greenlight on a lawsuit against GameStop filed by three customers who claim that three of the company's South Jersey stores sold used games that sometimes cost more than buying the game new. The lawsuit alleges that GameStop did not disclose to customers that buying used games would have additional costs of anywhere from $10 - $15 online. All three of the plaintiffs bought EA games, which up until recently contained online passes.
GameStop is taking everybody for a ride with the pre-owned games market, according to Ready at Dawn Studios boss Ru Weerasuriya. And by everybody he means developers and publishers. Speaking to GII, the head of the studio for God of War: Chains of Olympus and upcoming game The Order: 1886, thinks retailers like GameStop are making "a living at the expense of everybody else."
GameStop has shut down pre-orders for the PS4, according to a Game Informer report. According to the story, the top video game retailer in North America has run through its launch allotment of systems. GameStop issued a one sentence statement confirming the news:
"Due to high demand for the system, GameStop is not currently taking additional store reservations for the PlayStation 4," a GameStop rep. told the publication.
The world's largest video game retailer issued a statement praising Microsoft's new policy on Xbox One as "great news" for gamers and is a testament to Microsoft's understanding of the importance of the used game market. The retailer said it welcomed the news, while analysts rightly noted this morning (as the company's stock saw an uptick in trading) that GameStop stands to benefit greatly from Microsoft's shift in policy.
Two equity research firms have weighed in this morning on Microsoft's decision yesterday to give up on its Xbox One used games restrictions, region locking, and internet connectivity requirements. First up is BMO Capital Markets, who said in a note to investors this morning that this was good news for the industry - and in particular GameStop.