GameStop Down 6 Percent Despite Upbeat Forecast; Same-Store Sales May Be Flat This Quarter
Shares of video game retailer GameStop (GME) are coming under pressure after the company reported sales and profit this morning for the fiscal second quarter ending in July that were well clear of estimates and at the high end of its forecast; it raised its forecast, but nevertheless, may not be seeing the profit upside some expected. Same-store sales are also lackluster this quarter.
Sales rose 34 percent, year over year, to $1.8 billion, beating the average estimate of $1.7 billion, while profit of 34 cents was ahead of the average 28 cent estimate, and ahead of management’s forecast by six cents.
