GameStop Corp. Updates Fiscal 2005 Guidance

GameStop Corp. (NYSE:GME) (NYSE:GME.B), a leading global
video game and entertainment software retailer, today announced its
updated fiscal 2005 guidance related to the completion of the business
combination between GameStop and Electronics Boutique on October 9,
2005.
   "The merger with Electronics Boutique is coming together extremely
well. In a very short period of time, we have made exceptional strides
bringing the two companies together," remarked R. Richard Fontaine,
GameStop's Chairman and Chief Executive Officer. "Our unifying theme,
'Better Together,' is being proven every day as we combine the
operating strengths of each company. As both companies had a history
of rapid expansion, together we are well prepared for growth and
change. I am confident that GameStop is well on its way to fulfilling
all the promises of the merger that we envisioned."
   "The timing of our combination couldn't be better," continued
Fontaine. "With Sony's PSP going into its first holiday gift season,
Microsoft's Xbox 360 releasing in the U.S. on November, 22, 2005 and
in Europe on December 2, 2005, GameStop is well positioned to end the
year with real sales momentum. Adding to the opportunities as we move
into 2006, are the expected releases of Sony's PlayStation 3 and
Nintendo's Revolution. This is the absolute right time to combine the
two companies and we are well on our way to realizing the benefits of
the merger."
   Several items related to the business combination will affect
GameStop's financial statements going forward:

   -- GameStop was required to write-up Electronic Boutique's assets
        to fair value. As such, in the purchase accounting for the
        merger, GameStop capitalized various intangible assets and
        will incur incremental amortization on those assets on an
        on-going basis.

   --  GameStop issued an aggregate of $950 million of senior
        floating rate notes and senior notes to partially finance the
        combination of the two companies. This outstanding debt will
        cause GameStop to incur increased interest expense going
        forward.

   -- GameStop exchanged 20.2 million shares of GameStop Class A
        common stock for Electronics Boutique's common stock as part
        of the combination of the two companies, thus increasing
        GameStop's weighted average diluted shares outstanding.

   See the attached table below for further details on each of these
items.

   Third Quarter Guidance

   For the third quarter of fiscal 2005, the combined company expects
comparable store sales to range from -12.0% to -12.5% due to difficult
comparisons with the prior year when Grand Theft Auto: San Andreas and
Fable were released and sluggish traffic in September 2005 resulting
from Hurricanes Katrina and Rita. Diluted earnings per share are
expected to range from $0.14 to $0.15, including a $1.0 million
charge, or approximately $0.01 per diluted share, related to losses
and disaster relief from both hurricanes.
   GameStop, on a pre-merger stand-alone basis, would have expected
diluted earnings per share of $0.18, in line with previous guidance of
$0.18 to $.20 per diluted share. This estimate includes the
aforementioned $0.01 per diluted share charge related to the impact of
the hurricanes.

   Fourth Quarter Guidance

   For the fourth quarter of fiscal 2005, the combined company
expects comparable store sales to range from +8% to +10%, while
diluted earnings per share are expected to range from $0.98 to $1.06.

   Full Year Guidance

   For the fiscal year ending January 28, 2006, the combined company
expects comparable store sales to range from +4% to +6%. Diluted
earnings per share for the full year are expected to range from $1.65
to $1.75.
   Please note this updated fiscal 2005 guidance does not include
merger costs related to the business combination.

   About GameStop Corp.

   Headquartered in Grapevine, TX, GameStop Corp. is one of the
world's largest video game and entertainment software retailers. The
combined company operates over 4,200 retail stores throughout the
United States, Australia, Canada, Denmark, Finland, Germany, Italy,
Ireland, New Zealand, Norway, Puerto Rico, Spain, Sweden, Switzerland
and the United Kingdom. The company also owns commerce-enabled Web
properties, GameStop.com and ebgames.com, and Game Informer(R)
magazine, a leading video and computer game publication. GameStop
Corp. sells the most popular new software, hardware and game
accessories for the PC and next generation video game systems from
Sony, Nintendo, and Microsoft. In addition, the company sells computer
and video game magazines and strategy guides, action figures, and
other related merchandise. General information on GameStop Corp. can
be obtained via the Internet by visiting the company's corporate
Website: http://www.gamestop.com/investor-relations/.

   Safe Harbor

   This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Such
statements include, but are not limited to, statements about the
benefits of the business combination transaction involving GameStop
and Electronics Boutique, including future financial and operating
results, the new company's plans, objectives, expectations and
intentions and other statements that are not historical facts. Such
statements are based upon the current beliefs and expectations of
GameStop's and Electronics Boutique's management and are subject to
significant risks and uncertainties. Actual results may differ from
those set forth in the forward-looking statements. The following
factors, among others, could cause actual results to differ from those
set forth in the forward-looking statements: the risk that the
businesses will not be integrated successfully; the risk that the cost
savings and any other synergies from the transaction may not be fully
realized or may take longer to realize than expected; disruption from
the transaction making it more difficult to maintain relationships
with customers, employees or suppliers; and competition and its effect
on pricing, spending, third-party relationships and revenues.
Additional factors that could cause GameStop's and Electronics
Boutique's results to differ materially from those described in the
forward-looking statements can be found in the Annual Reports on Forms
10-K/A of GameStop and Electronics Boutique for the fiscal year ended
January 29, 2005 filed with the SEC and available at the SEC's
Internet site at http://www.sec.gov.

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                     Fiscal 2005 Guidance Details
                     ----------------------------
                                                        Range
                                               -----------------------
Third Quarter 2005                                High         Low
---------------------------------------------- ----------- -----------
Comparable Store Sales                              -12.0%      -12.5%
Incremental Amortization of
  Intangible Assets                               261,000     261,000
Interest Expense (Income), net                  6,500,000   6,400,000
Weighted Average Shares-Diluted                61,600,000  61,500,000
EPS                                                 $0.15       $0.14


                                                        Range
                                               -----------------------
Fourth Quarter 2005                               High         Low
---------------------------------------------- ----------- -----------
Comparable Store Sales                                 10%          8%
Incremental Amortization of
  Intangible Assets                               782,000     782,000
Interest Expense (Income), net                 20,700,000  19,800,000
Weighted Average Shares-Diluted                77,600,000  77,000,000
EPS                                                 $1.06       $0.98


                                                        Range
                                               -----------------------
Full Year 2005                                    High         Low
---------------------------------------------- ----------- -----------
Comparable Store Sales                                  6%          4%
Incremental Amortization of
  Intangible Assets                             1,043,000   1,043,000
Interest Expense (Income), net                 27,200,000  26,200,000
Weighted Average Shares-Diluted                62,550,000  62,350,000
EPS                                                 $1.75       $1.65
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