GameStop Q4 profit plummets 27%, plans fewer stores in 2012
Grapevine, Texas -- Video-game retailer GameStop Corp. reported Thursday that profit for the quarter ended Jan. 28 dropped 27% to $174.7 million, from $237.8 million in the year-ago period. Adjusted profit, however, matched predictions, as results included $64.6 million in asset impairment and restructuring charges.
Revenue fell 3.1% to $3.58 billion from $3.69 billion, missing Wall Street’s expected $3.69 billion in revenue. Same-store sales slipped 3.6%.
For the full year 2011, GameStop earned $339.9 million, down from $408 million in 2010. Revenue rose to $9.55 billion from $9.47 billion.
The retailer said it expects to open about 100 new stores in the United States during 2012, offset by the closing of about 150 domestic stores.