GameStop profit rises 10% in Q4, to open and close 200 stores
GRAPEVINE, Texas -- GameStop Corp. reported Thursday that net earnings for the quarter ended Jan. 29 rose 10.1% to $237.8 million, compared with $215.9 million in the year-ago period.
Total sales increased 4.8% to $3.69 billion, from $3.52 billion. Same-store sales increased 2.6%.
For the year, total sales increased 4.3% to an all-time high of $9.47 billion, in comparison to $9.08 billion in fiscal 2009. Same-store sales increased 1.1%. Net earnings increased 8.1% to a record $408 million.
For 2011, in the United States, GameStop said it expects to open approximately 200 new stores, focusing on underserviced markets. The company also expects to close 200 stores, primarily those overlapping store locations due to past acquisitions with expiring leases.