GameStop profits up despite recession

Retail giant GameStop appears to be doing okay despite the financial woes engulfing the United States right now. "I would never take the position that as a company we're totally recession-proof," says chairman and chief executive Richard Fontaine, further adding "But I would certainly bet on the video game business." Even industry analyst Michael Pachter sees the retail giant as being resistant to recession, commenting that they're "about as recession-resistant as anyone in retail can be."

The company did a remarkable amount of business last year, with total sales coming to $7.1 billion. During the previous year, GameStop did $5.3 billion in sales. In terms of profits, that's $288 million in 2007, up from $158 million the year before.

[Via Go Nintendo]