GameStop Reports 29% Jump In Holiday Sales

U.S. retailer GameStop has released the results of its 9-week holiday period, and has reported a 29 percent increase in sales to $1.7 billion, on continuing hardware sales despite console shortages. The $1.7 billion in sales for the 9 weeks ending December 30th was up 29 percent over the prior year's $1.3 million, and comparable store sales were themselves up nearly 24 percent. As predicted by Wedbush Morgan, due to the particularly strong holiday sales, the company increased its fourth quarter guidance to between 22-23 percent, and full year comparable store sales to 10-10.5 percent. In a statement, GameStop CEO R. Richard Fontaine commented that hardware sales were "robust," despite "ongoing shortages of PlayStation 3 and Wii." The CEO also noted that the company sold a "record number" of GameStop gift cards. "More gift cards, with a higher average value per card, will help to ensure that we close out the fiscal year with real momentum,” he added. GameStop reported that its top five software titles for the holiday season were Epic's Gears of War, blockbuster Square Enix RPG Final Fantasy XII, Nintendo's Legend of Zelda: Twilight Princess (likely combined sales of both the Wii and GameCube versions), Activision's Guitar Hero 2, and THQ's WWE Smackdown Vs. Raw 2007. Said Fontaine, “We have never had a holiday season with more hardware choices or more accessory options, and perhaps what is most encouraging is that, we are seeing a broader base of customers enjoying the gaming experience than ever before.”