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GameStop Holiday Sales Reach $3.15 Billion
GameStop saw a 9.3 percent increase in year-to-year holiday sales, from $3.02 billion during the 2012 holiday season to $3.15 billion during the nine-week holiday period that ended January 4, 2014.
“Building off this momentum, we are in an excellent position to drive the global adoption of the next generation of new video game products in 2014,” said CEO Paul Raines. However, GameStop saw a larger-than-expected decline in new Xbox 360 and PlayStation 3 software sales. This decline resulted in a 22.5 percent decline year-to-year.
Due to the decline, said Chief Financial Officer Rob Lloyd, GameStop forecasts its “fourth quarter and full year 2013 same store sales to be at the high end of the current guidance range.” GameStop’s fourth fiscal quarter, which Raines referred to, ends February 1.
While GameStop saw a 99.8 percent increase in new hardware sales, from $524 million in 2012 to $1 billion this holiday, Raines noted that new software sales decreased, from $1.39 billion in 2012 to $1.09 billion in 2013. Used games sales, the crux of GameStop’s business, went from $530 million in 2012 to $567.3 million, totaling 18 percent of GameStop’s holiday business.