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GameStop reaffirms Q1, FY09 forecasts

Business as usual at game retailer, despite slump in game sales

In a statement released today, US videogame retailer GameStop has reaffirmed its previous earnings outlooks for both the first quarter and fiscal year of 2009, citing strong sales of recent game titles and the recent launch of the Nintendo DSi.

For the first quarter of 2009, GameStop is reaffirming its earnings per share forecast in a range of USD 0.40 to USD 0.42, an increase of 5-10 per cent over the same period in 2008.

For the 2009 fiscal year, the retailer reaffirmed its earnings forecast at an increase of 18-22 per cent over 2008.

GameStop attributes this positive outlook to strong sales of key titles that include Street Fighter IV, Resident Evil 5 and Killzone 2, along with the launch of the Nintendo DSi, which sold 435,000 units in its first US retail week.

GameStop shares advanced USD 0.80 to USD 30.50 in premarket activity following the announcement, though soon fell to USD 28.84 following industry sales results released by the NPD yesterday.

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Frank Cifaldi