GameStop clears all debts, pays investors first dividend
US retailer in strong position for 2012 say analysts
US retailer GameStop has paid its first ever dividend to investors, having cleared the last of its debts with a successful holiday period at the end of 2011.
The chain raised $3 billion in sales from that quarter, enabling the board to reward shareholders for their faith with a dividend of 15 cents per share, payable on March 12, 2012.
"We have achieved our goal of eliminating debt and are pleased to return excess cash to our shareholders," said GameStop's executive chairman, Dan DeMatteo.
"The board's decision to initiate a dividend reflects GameStop's strong capital position and demonstrates our confidence in the long term viability of our business."
The group cleared its last debts on December 16, 2011 and shows continued growth across its businesses, which include game portal Kongregate.com and Game Informer magazine alongside its 6,627 stores worldwide.
GameStop's fair fortunes are a stark contrast to those of UK retailer the GAME Group, which has been forced to seek a buyer for its foreign holdings in an attempt to stabilise finances.
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