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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Geratherm Medic | TG:GME | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.44 | 4.40 | 4.46 | 0.00 | 08:08:10 |
By Dan Gallagher
SAN FRANCISCO (Dow Jones) - GameStop Corp. saw earnings rise 22% during its fiscal fourth quarter as video game sales continued to grow despite the slowing economy.
The Grapevine, Tex.-based video game retailer (GME) also stuck to its earlier forecast for the current quarter. Shares of GameStop were up slightly to $26.92 in early morning trading Thursday.
In the quarter ended Jan. 31, meanwhile, GameStop reported earnings of $232 million, or $1.39 a share, compared to $190 million, or $1.14 a share, for the same period last year.
Revenue also grew 22%, to $3.49 billion. Same-store sales grew 9.6% during the quarter.
The latest quarter included income of 5 cents a share related to the acquisition of Micromania. Adjusted for that item, GameStop matched the forecast of Wall Street analysts, who had been expecting earnings of $1.34 per share on revenue of $3.48 billion, according to FactSet Research.
The results were also roughly in line with a pre-announcement from the company last month.
In the current quarter, GameStop predicted earnings of 40 cents to 42 cents a share. Analysts had been forecasting earnings of 40 cents a share on revenue of $1.95 billion.
For 2009, GameStop reiterated its prior forecast that earnings per share will increase 18% to 22%, with total sales growth of 10% to 12%.
"Looking at 2009, we are confident in our ability to increase sales and earnings, generate significant cash, advance market share, and maintain a financially sound balance sheet," Chief Executive Dan DeMatteo said in a statement.
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