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GameStop Corp. (GME) Tops Q1 EPS by 6c; Boosts Lower-End of FY13 EPS Outlook

May 23, 2013 8:31 AM EDT Send to a Friend
GameStop Corp. (NYSE: GME) reported Q1 EPS of $0.46, $0.06 better than the analyst estimate of $0.40. Revenue for the quarter came in at $1.87 billion versus the consensus estimate of $1.84 billion.

Consolidated comparable store sales decreased 6.7 percent compared to the prior year quarter. Topline sales continue to be impacted by the late stage effects of the current console cycle.

Net earnings for the first quarter fell from $72.5 million last year down to $54.6 million.

During the quarter, mobile sales grew 290 percent to $46.8 million and digital receipts grew 47.3 percent. Sales in new software decreased 3.8 percent compared to a U.S. industry decline of 14.2 percent, leading to a 470 basis point market share increase in the first quarter. New hardware sales declined 30.6 percent, while pre-owned sales decreased 7.5 percent. Year-to-date, GameStop’s U.S. market share of new PS3 and Xbox 360 software is 47.7 percent.

Sees Q2 2013 EPS of $0.01 to $0.07, versus the consensus of $0.08.

GameStop sees FY13 EPS of $2.90 to $3.15, versus prior guidance of $2.75 to $3.15 and the consensus of $3.11. The previous full year comparable store sales range of (6.0) percent to 1.5 percent is being narrowed to (5.0) percent to 1.5 percent.

The company also declared a quarterly dividend of 27.5 cents and has $400 million remaining on an existing buyback program.

For earnings history and earnings-related data on GameStop Corp. (GME) click here.




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