GRAPEVINE, Texas (
) -- Looks like the fun and games are over at
The video game retailer posted a 32% drop in second-quarter profit and slashed its full-year outlook, as sales of games and consoles continue to sink.
Disappointing results sent shares down 8.5% to $23 before the bell.
While My Video Stock Gently Weeps
During the quarter, the company earned $38.7 million, 23 cents a share, from $57.2 million, or 34 cents, a year earlier. Analysts expected the company to earn 28 cents.
Sales slipped 4% to $1.74 million, while same-store sales tanked 14%, as the absence of new blockbuster releases is keeping shoppers from spending.
This release schedule isn't expect to get much better. GameStop is now forecasting full-year earnings in a range of $2.40 to $2.64 a share, down from a prior guidance of $2.83 to $2.93 a share.
Last week the NPD Group said
to $848.9 million in July, in the fifth straight month of decline.
-- Reported by Jeanine Poggi in New York.
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