GameStop reveals record festive sales

The world’s largest games retailer GameStop has reported its sales for the nine-weeks ending January 5th 2008 – and much like its UK counterpart games, it enjoyed a hugely successful Christmas.

Total sales for the period were $2.3 billion, a 34.7 per cent year on year increase. The top five sellers were Guitar Hero III, Call of Duty 4, Assassin’s Creed, Rock Band and Wii title Super Mario Galaxy.

GameStop chairman and CEO Richard Fontaine said that he was particularly pleased with record holiday handheld sell-outs of the Nintendo DS and the Sony PSP. The Nintendo Wii, even in the face of on-going seasonal shortages, Microsoft’s Xbox 360 and Sony’s PlayStation 3, proved to be on many holiday wishlists as new console sales were very strong. Video gaming is redefining itself and attracting more players than ever.”

Off the back of its strong sales performance, GameStop also increased its fourth quarter 2007 comparable store sales guidance from a range of seven per cent to nine per cent, to be in a range of 15.5 per cent to 16.5 per cent. Full year comparable store sales are now expected to be in a range of 23.5 per cent to 24.5 per cent.

In addition, GameStop is also increasing its fourth quarter diluted earnings per share guidance to be in a range of $1.09 to $1.10. Full year earnings per diluted share guidance is now forecast to be in a range of $1.75 to $1.76, which is $0.13 per share higher than guidance issued on November 20, 2007. The guidance does not include debt retirement costs.

GameStop’s full year 2007 sales and earnings results and fiscal 2008 earnings guidance are expected to be released in mid-March.