The company guided second quarter diluted EPS to a range of $0.12 to $0.20 compared with EPS of $0.09 in the year-ago quarter. The consensus estimate for the second quarter is $0.17. For the full year, GameStop reaffirmed its adjusted diluted EPS estimate of $3.40 to $3.70. The consensus estimate for full-year EPS is currently $3.68.
Same-store sales rose 5.8% in the first quarter compared with the same period a year. In the second quarter GameStop estimates same-store sales will rise 12% to 19% and full year same-store sales are expected to rise by 6% to 12%, consistent with the previous estimate.
The company’s CEO said:
The next-gen console business is meeting our targets, our digital properties continue to grow and our new tech brands segment is positively contributing to our profitability.
New software sales were down 20.4 % year-over-year while sales of used and value software rose 5.3%. Continued strong sales of the Xbox One from Microsoft Corp. (NASDAQ: MSFT) and the PlayStation 4 from Sony Corp. (NYSE: SNE) boosted new hardware sales 81.1% year-over-year.
The company has already announce that it plans to close 132 of its more than 6,600 stores in 2014.
Shares are up about 1.7% in after-hours trading, at $36.88 in a 52-week range of $25.25 to $57.74. Thomson Reuters had a consensus analyst price target of around $50.20 before today’s results were announced.
ALSO READ: Sony PlayStation 4 Sales Top 7 Million
Take Charge of Your Retirement: Find the Right Financial Advisor For You in Minutes (Sponsor)
Retirement planning doesn’t have to feel overwhelming. The key is finding professional guidance—and we’ve made it easier than ever for you to connect with the right financial advisor for your unique needs.
Here’s how it works:
1️ Answer a Few Simple Questions
Tell us a bit about your goals and preferences—it only takes a few minutes!
2️ Get Your Top Advisor Matches
This tool matches you with qualified advisors who specialize in helping people like you achieve financial success.
3️ Choose Your Best Fit
Review their profiles, schedule an introductory meeting, and select the advisor who feels right for you.
Why wait? Start building the retirement you’ve always dreamed of. Click here to get started today!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.