THQ sales slump for FY2011, looking to successful sequels in 2012

THQ has announced its earnings for fiscal year 2011, which ended March 31, 2011. Stacked up against last year's report, the publisher's net sales on a GAAP basis were down from $899 million to $665 million, a drop of $234 million overall. Its net loss saw a dramatic increase from $9.6 million to $135 million, most likely attributable to a large marketing push for Homefront and ramp-up in the number of titles in development.

Brian Farrell, the company's president and CEO, decided to focus on the coming fiscal year in his statements, stating that "We expect to generate significant growth, profitability and cash in fiscal 2012, driven by the latest installments of multi-million unit selling franchises Saints Row, Red Faction, Warhammer 40,000, MX vs. ATV, UFC, WWE and uDraw."

Net sales for Q4 2011 also slumped, totaling $124 million, down $74 million from $198 million in Q4 2010. The company's biggest release for the quarter, Homefront, shipped 2.6 million copies before March 31 according to Farrell. The title had sold through one million units as of March 24.

This article was originally published on Joystiq.