GameStop Corp.'s (GME) net earnings attributable to company for the first quarter were $54.6 million down from $72.5 million in the prior year quarter. Earnings per share declined 14.8 to $0.46 from last year's $0.54.
Earnings per share were $0.46, exceeding the high end of the company's guidance by $0.03. The better-than-expected results were primarily due to a 100 basis point increase in gross margins.
Total global sales for the first quarter of 2013 were $1.87 billion compared to $2.00 billion in the prior year quarter, a decrease of 6.8%. Consolidated comparable store sales decreased 6.7% compared to the prior year quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.40 per share on revenues of $1.84 billion for the quarter. Analysts' estimates typically exclude special items.
GameStop's board also declared a quarterly cash dividend of $0.275 per common share payable on June 19, 2013 to shareholders of record at the close of business on June 4, 2013.
For the second quarter of fiscal 2013, the company expects comparable store sales to range from -16.0% to -12.5%. Earnings per share are expected to range from $0.01 to $0.07. Analysts expect the company to report earnings of $0.08 per share for the second-quarter.
The company increased the lower end of its previously announced fiscal year 2013 earnings per share guidance range of $2.75 to $3.15 to $2.90 to $3.15. The previous full year comparable store sales range of -6.0% to +1.5% is being narrowed to -5.0% to +1.5. Analysts expect the company to report earnings of $3.11 per share for fiscal 2013.
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