GameStop keeps the cash faucet on full blast for Q1


GameStop reported $62.1 million in earnings (a 151% increase) year-over-year for its first quarter ending on May 3. GameDaily reports the company also saw a 42% increase in sales to $1.8 billion, with new game sales giving a nice bump to the company, thanks to major releases during the period like GTA IV, Super Smash Bros. Brawl, Mario Kart Wii, RSV 2 and Army of Two.

GameStop's CEO R. Richard Fontaine maintains a "bullish" outlook for the rest of the year. He states the company's data shows that hardware sales grew incrementally higher in 2007 than in any other year and he expects a similar performance in 2008. Fontaine maintains GameStop is well on its way to opening about 600 stores in 2008, with half those located outside the US. The company also raised its guidance for the full fiscal year to show around 30% growth over the megatons of cash it made last year. Working conditions and customer service be damned, there be money in dem dar pawnshops for stockholders!

This article was originally published on Joystiq.