CORRECTED - UPDATE 2-GameStop posts Q4 profit, rosy outlook

Corrects first paragraph to say "fourth-quarter profit" instead of "first quarter profit." Corrects time period in second paragraph to reflect year-ago quarter.

* Q4 EPS $1.34, meeting analyst views

* Sees Q1 EPS 40-42 cts, compared with 39 cent estimate

* Reiterates forecast of 2009 sales growth of 10-12 pct

* Reiterates forecast of 2009 EPS growth 18-22 pct

* Shares up 4 pct (Adds results details, stock activity)

NEW YORK, March 26 (Reuters) - GameStop Corp's (GME.N) fourth quarter profit rose and it issued a first quarter forecast that beat analyst estimates, helped by growth in new video consoles and hit games such as Microsoft's "Halo Wars."

GameStop shares rose about 4 percent after the largest U.S. video game retailer said on Thursday its net earnings were $232.3 million, or $1.39 a share, up from $189.8 million, or $1.14 a share, in the year-ago period.

Excluding special items, the profit was $1.34 a share, matching Wall Street analyst estimates.

Revenue rose 21.9 percent to $3.49 billion, just shy of analysts expectations of $3.50 billion, according to Reuters Estimates.

It expects first quarter earnings per share of 40 cents to 42 cents a share, compared with an average analyst forecast of 39 cents a share.

Despite the economic downturn, sales of video game consoles by Nintendo (7974.OS), Sony Corp (6758.T) and Microsoft (MSFT.O) have remained robust, driving consumers into GameStop stores games to buy software for their systems.

The company repeated its forecast of 2009 sales growth of 10 percent to 12 percent, and an increase in earnings per share of 18 percent to 22 percent.

"Based on our expectations of continued proliferation of the hardware installed base, the upcoming new title slate, increasing consumer enthusiasm for our trade-in model, and further expansion of video games as primary, mainstream entertainment, GameStop expects 2009 to be another record year," the company said.

GameStop's profit margins benefit from an active trade-in system, where shoppers return used games for a fraction of the purchase price in cash or credit toward future sales.

Returned games are sold at a higher profit margin -- around 50 percent, according to one analyst -- than new games. (Reporting by Franklin Paul; Editing by Derek Caney)