This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

GameStop Reports Sales And Earnings For Fiscal 2011

GameStop Corp. (NYSE: GME), the world’s largest multichannel video game retailer, today reported sales and earnings for the fourth quarter and fiscal year ended Jan. 28, 2012.

Fourth Quarter Results

Total global sales for the fourth quarter of 2011 were $3.58 billion compared to $3.69 billion in the prior year quarter, a decrease of 3.0%. Consolidated comparable store sales decreased 3.6% compared to the prior year quarter.

Excluding restructuring, impairment and debt retirement expenses, GameStop’s adjusted net earnings for the fourth quarter were $239.5 million compared to adjusted net earnings of $238.8 million in the prior year quarter. Adjusted diluted earnings per share, excluding restructuring, impairment and debt retirement expenses, were in-line with guidance at $1.73, a 10% increase compared to adjusted diluted earnings per share of $1.57 in the prior year quarter.

During the fourth quarter of fiscal 2011, the company recorded asset impairment and restructuring charges of $81.2 million ($64.6 million, net of tax benefits), or $0.47 per share, to record international trade name impairment, exit certain international markets and non-core businesses, and close underperforming stores. The charges included fixed asset impairments, severance costs and lease termination fees. A reconciliation of non-GAAP adjusted net income to GAAP net income is included with this release (Schedule III).

For the fourth quarter, GameStop’s net earnings were $174.7 million compared to net earnings of $237.8 million in the prior year quarter. Diluted earnings per share were $1.27 compared to diluted earnings per share of $1.56 in the prior year quarter.

Fiscal 2011 Results

Paul Raines, chief executive officer, stated, “In 2011, GameStop outperformed the video game market through disciplined execution of its core business and strategic initiatives. For 2012, we project operating earnings growth based on the continuation of our transformation, led by our strong pre-owned business, expanding digital offerings and emerging mobile categories.”

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 -1.15%
FB $117.58 0.73%
GOOG $693.01 0.29%
TSLA $240.76 -2.81%
YHOO $36.60 0.03%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs