(Corrects same-store sales in 2nd paragraph to down 7 percent
from down 8 percent)
SAN FRANCISCO Nov 15 GameStop Corp, the
world's largest retailer of videogame products, said its sales
dropped in the third quarter due to slowing videogame hardware
and software sales.
The company said it expects comparable store sales to range
between down 7 percent and up 1 percent in the fourth quarter.
Sales of traditional videogame products such as consoles
have been pressured globally by lower-priced online offerings
and as gamers spend more time on tablet computers and phones.
Total U.S. sales of videogame software in October saw a 25
percent drop from a year ago following a similar trend
throughout the third quarter, according to a report by market
research firm NPD.
Games software sales were down 25 percent last month, the
GameStop has weathered the trend by focusing on selling used
games to console owners and expanding its digital and mobile
offerings, including sale of iOS and Android devices in some
The Grapevine, Texas-based company said sales fell 8.9
percent to $1.77 billion. Analysts were expecting sales of $1.79
billion, according to Thomson Reuters I/B/E/S.
Adjusted earnings were $47.2 million compared with $53.9
million a year ago. It reported adjusted net earnings per share
of 38 cents.
The company's shares rose 5.7 percent to $24.84 in morning
trading on the New York Stock Exchange.
(Reporting By Malathi Nayak; editing by John Wallace and