Despite economic downturn, GameStop raking in money

Despite a horrid economy that has cast a black cloud over many different industries, GameStop seems to be doing fine. The company recently announced their fiscal results for the third quarter of this year, which ended Nov. 1, and GameStop’s sales increased 5.2 percent to 1.695 billion.

It wasn’t all good though as the company’s net earnings saw a drop from $52 million to $46.7 million. The negatives didn’t stop there as GameStop store sales were also down. But that wasn’t enough to burst the company’s bubble as they looked forward to a continuation of strong sales for the rest of the fiscal year.

Daniel DeMatteo, Chief Executive Officer had this to say, “Despite the dramatic decline of the global economy and its severe impact on the entire retail industry, GameStop had a strong quarter.” And he wasn’t the only one within the company who felt good about the sales, as other executives seemed pleased with the numbers as well.

Looking towards the future GameStop cautioned that earnings would be “tempered slightly by the weakness in consumer spending.” With the holiday season coming up, and the slew of new purchases, as well trade-ins coming in, one has to figure GameStop will be just fine.

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