GameStop has record second quarter profits
GameStop increased profit by 586% year-over-year in their second quarter due to Guitar Hero II and Pokémon sales. Net sales were up 38.9% to reach $1.34 billion. GameStop CEO R. Richard Fontaine said, "It is apparent that the growing base of gaming consumers is well served by GameStop's new and used model, our increasing number of convenient locations and outstanding customer service provided by our store 'gamers'." Try to hold in the snickers folks.
GameStop stock has already increased 6% in early trading to $46.07 -- a new record high. What we want to know is how much money is GameStop making from used game sales and the massive amount of interest they accrue off all those people's pre-order money. All that cash just sitting in a GameSpot account collecting interest on products that won't be out for months. At least these numbers show Guillmot is probably right about the industry's continued growth.
