Gamestop holiday sales down 6.7 percent to $2.94 billion

As it does every January, ubiquitous mall retailer Gamestop has issued its holiday sales report. Though sales of $2.94 billion mark a year-on-year decline in business, it comes as little surprise and the retailer remains optimistic.

That $2.94 billion figure is overshadowed by the $3.15 billion Gamestop reported last year (though it tops the $2.88 billion from the previous year's sales report). The key reason for this is a year-on-year 32 percent decline in new hardware sales. While that seems dire, keep in mind that the 2013 holiday season saw the launch of both the Xbox One and PlayStation 4, so the $3.15 billion Gamestop reported last year is likely greatly enhanced by the appearance of new hardware on the market. The highlight of Gamestop's holiday sales report is a 5.8 percent increase in new software sales, which the retailer attributes primarily to a 94.4 percent jump in sales of games for the now-established Xbox One and PlayStation 4 consoles.

"During the holiday period, consumer demand for video games was strong, resulting in new software sales growth," said Gamestop CEO Paul Raines. "We expect that trend to continue into the first quarter. Overall, each of our business units performed well giving us positive momentum as we look toward 2015."