Rochester, NY 8/22/2009 7:58:27 AM
GameStop Corp. GME , Gamestop profit video game sales decline
GameStop Corp.
GameStop Corp.said last Thursday that its fiscal second-quarter profit fell to $38.7 million, or 23 cents a share, from $57.2 million, or 34 cents, a year earlier. Sales fell 3.7% to $1.74 billion. Comparable store sales decreased 14%. Hurt by weak consumer spending trends in light of the economic uncertainties, the company forecast a lower and widened profit range for the rest of the year.
It sees profit falling to between 27 cents to 33 cents a share in the third quarter and $1.47 to $1.65 a share in the fourth quarter. It also cut its full-year profit forecast to as much as $2.64 from a previous projection of as much as $2.93 a share. Analysts, on average, estimated the video game retailer to earn 28 cents in the second quarter, 40 cents in the third quarter and $1.64 in the fourth quarter, according to FactSet.
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