GameStop Lowers Sales Expectations After October Games Underperform
The retailer will announce results in full on November 22.
The retailer said it expects revenue for the period to be around $2 billion, which would mean store sales would be down 6-7 percent, which is worse than the previously forecasted range of down 2 percent to up 1 percent that GameStop announced earlier this year. This new estimate is based on "sales trends of recently released new video games as well as the current sell-through rate of new video game hardware."
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In the wake of the lower-than-expected sales forecast, GameStop adjusted its full-year sales expectations downward. Earnings-per-share are now expected to range from $3.65 to $3.80, with comparable store sales falling in the range of -9.5 percent to -6.5 percent. This compares to the previously forecastedearnings-per-share numbers of $3.90 to $4.05, with comparable store sales of -4.5 percent to -1.5 percent.
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For the full article, please go to:
http://www.gamespot.com/articles/gamestop-lowers-sales-expectations-after-october-g/1100-6445040/
