GameStop Reports First Quarter 2017 Results
GameStop Corp., a global family of specialty retail brands that makes the most popular technologies affordable and simple, today reported sales and earnings for the first quarter ended April 29, 2017.
Paul Raines, chief executive officer, stated, “Our first quarter results reflect the power of our leadership position within the video game market and our ongoing diversification efforts. Our international operations were particularly strong, driven by robust sales of Nintendo Switch and Collectibles. Throughout 2017, our focus will continue to be executing our diversification strategy, exercising cost discipline and increasing our share in the video game market.”
Total global sales increased 3.8% to $2.05 billion, resulting in consolidated comparable store sales growth of 2.3% (-2.4% in the U.S. and +17.1% internationally). New hardware sales increased 24.6%, led by the highly sought after Nintendo Switch. New software declined 8.2% due to the tough overlap of a few key AAA titles launched last year. Pre-owned sales declined 6.2%, in-line with the company’s expectations.