Game Stop's revenues double
EmptyGameStop Corp., the largest U.S. video game retailer, said Tuesday that it swung to a third-quarter profit on revenue that nearly doubled. The company posted third-quarter earnings of $13.6 million, compared with a loss of $2.5 million a year ago.
Revenue jumped from $534 million last year to $1 billion in the latest quarter, with same-store revenue, or sales at stores open for at least a year, up 8.8% year-over-year.
GameStop said it expects a strong holiday season with same-store sales projected to rise 14%-18% in the fourth quarter, following the launch of Sony Corp.'s PlayStation 3 and Nintendo Co. Ltd.'s Wii consoles. The company said third-quarter hardware sales climbed 69%, with software sales up 14%.