Mark Androvich
15:17 (BST)
18/03/2008
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GameStop Q4 income up 46% to $189.8 million
Revenues up 24% to $2.87 billion
GameStop has released its financial reports for the fourth quarter ending February 2 and the 2007 fiscal year, reporting sales of USD 7.1 billion - an increase of 33 per cent.
For the fourth quarter ending February 2, GameStop's net income amounted to USD 189.8 million - up 46 per cent from the prior year. For the full year, GameStop's net earnings were USD 288.3 million - up 82 per cent.
Revenue increased 24 per cent from the prior year to USD 2.87 billion, despite the fact that there was an extra week of sales in the fourth quarter of the prior year.
The company also reported a 24.7 per cent increase in comparable store sales for 2007.
"2007 was a transformative year with hardware sales setting records and the installed base of users reaching an all-time high," said chairman and CEO R. Richard Fontaine.
GameStop has forecast Q1 earnings in the range of USD 0.32 - 0.33, with FY earnings in the USD 2.25 - 2.34 range, with FY revenue expected to grow 19 - 21 per cent.
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