GameStop Corp. (GME) reported that its third-quarter net earnings were $52.23 million or $0.31 per share, compared to $46.67 million or $0.28 per share in the same quarter last year. The company said that earnings results for the latest quarter included a $0.01 per share of debt retirement cost. Last year quarter earnings results included a merger-related costs of $0.06 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $0.30 per share for the quarter. Analysts' estimates typically exclude special items.
Total company sales for the quarter were $1.83 billion, an 8.2% increase as compared to sales of $1.70 billion in the prior year quarter. Sixteen analysts had consensus revenue estimate of $1.73 billion for the quarter. Comparable store sales decreased 7.8%, attributable primarily to a decline in new video game hardware sales.
For the fourth quarter of fiscal 2009, GameStop reaffirmed earnings per share guidance in a range of $1.47 - $1.65, as compared to $1.39 in the prior year period. Comparable store sales are projected to range from -7.0% to -1.0%. Analysts expect the company to report earnings of $1.57 per share for the fourth-quarter.
For fiscal 2009, earnings per share are now forecast to range from $2.45 to $2.63, representing annual earnings per share growth of +2% to +10%. Comparable store sales are projected to range from -7.0% to -4.0% for the full year. Analysts expect the company to report earnings of $2.53 per share for fiscal 2009.
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