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GameStop's sales rise on the back of Nintendo's Switch, even as profits slip

GameStop's sales rise on the back of Nintendo's Switch, even as profits slip

May 25, 2017 | By Alex Wawro

Today the folks at GameStop reported earnings for the first quarter of the company's 2017 fiscal year, and while game software sales (both new and pre-owned) were down, hardware sales were up in a big way -- thanks largely to Nintendo's new Switch console.

Numbers-wise, GameStop reported (GAAP) profits of $59 million on $2.05 billion in global sales for the quarter, which ended April 29th. That's a roughly 11 percent drop in profits from the $65.8 million the company brought in during the same period last year, while sales actually went up 3.8 percent increase year-over-year.

The two big sales drivers for GameStop this quarter were game hardware (specifically, Nintendo's Switch) and collectibles (think: Pokemon toys). The company also reported sales of digital goods rose 3 percent year-over-year, thanks primarily to its online game hub Kongregate.

However, the company reported an 8.2 percent decline in sales of new games, due to what it calls "the tough overlap of a few key AAA titles launched last year." Sales of pre-owned games also fell year-over-year, by 6.2 percent. 

While no mention was made in the earnings release of how much headway GameStop has made in its plan to close ~150 GameStop game stores this year, it did note that it opened 9 new collectibles storefronts during the quarter, bringing the total to 95 worldwide.  

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