GameStop Net Income Rises

Officials from American video game retailer GameStop have announced the company’s second quarter results for the period ended July 31, which show that net income has risen to $7.7 million, or 13 cents a share, from $6.6 million, or 11 cents, a year ago. Sales for the company increased 13% to $345.6 million, while same-store sales declined 2.4%, in line with expectations. New store sales performance however exceeded expectations. The company said it saw a 17% increase in video game software sales, helped by titles such as NCAA Football 2005 and Spider-Man 2. Full-year earnings predictions have remained the same at $1.20 to $1.24 a share, higher than the $1.06 a share recorded a year ago. Wall Street analysts have projected earnings of $1.23. Source: iWon Money