GameStop global revenue up 25% YoY
"The second quarter demonstrates the power of the new console cycle"
Retailer GameStop is really feeling the benefits of the new hardware on the market, reporting a 25 per cent rise on total global sales on the same period last year.
“We continue to sell over one half of all PS4 and Xbox One titles,” commented company president president Tony Bartel.
“The new console cycle is driving momentum. We've had four consecutive quarters of positive comparisons year-on-year and we expect that trend to continue.”
The total for Q2 2014 was $1.73 billion, a 25.1 per cent rise on the same period last year which saw a total of $1.38 billion in the prior year quarter. Meanwhile consolidated comparable store sales increased 21.9 per cent.
Net earnings for Q2 stood at $24.6 million, up 134.3 per cent $10.5 million in the same period last year.
"The second quarter demonstrates the power of the new console cycle and all of our business units, including Technology Brands, positively contributing to the company's sales and profits," said CFO Rob Lloyd.
"The back half of the year is filled with exciting games and products coming to market and I am confident that we are prepared to capitalize on these opportunities."
The company also reported that during Q2 new hardware sales rose 124.8 per cent and new software was up by 15.6 per cent. The "pre-owned/value category" was up 5.5 per cent.
The earnings report saw GameStop shares rise 8.2 per cent to $43.80.