GameStop Corp. (NYSE: GME) reported second quarter 2014 results after markets closed on Thursday. The video game retailer posted diluted earnings per share (EPS) of $0.22 on $1.73 billion in revenues. In the same period a year ago, the video game retailer reported EPS of $0.09 on revenue of $1.38 billion. Second-quarter results compare to the Thomson Reuters consensus estimates for EPS of $0.18 and $1.65 billion in revenue.

GameStop topped the EPS guidance it issued at the end of the first quarter, and offered guidance for third-quarter EPS of $0.58 to $0.64. The company’s second quarter — May, June, and July — is essentially a throwaway, with earnings usually far below any of the other three quarters. That GameStop was able to outperform even an upbeat estimate should boost the share price going into Friday’s trading session.

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 $3.67. The consensus estimate is likely to rise now that the second-quarter was stronger than anticipated.

Consolidated same-store sales rose 21.9% in the first quarter compared with the same period a year. The store had forecast a rise of 12% to 19% and is looking for a 1% to 5% increase in same-store sales for the third quarter. The outlook for full-year same-store sales was reaffirmed at 6% to 12%.

The company’s CFO said:

The second quarter demonstrates the power of the new console cycle and all of our business units, including Technology Brands, positively contributing to the company’s sales and profits. The back half of the year is filled with exciting games and products coming to market and I am confident that we are prepared to capitalize on these opportunities.

New software sales rose 15.6% year-over-year while sales of used and value software rose 5.5%. 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 124.8% year-over-year.

Shares are up about 6.5% in after-hours trading, at $43.10 in a 52-week range of $33.10 to $57.74. Thomson Reuters had a consensus analyst price target of around $50.20 before today’s results were announced.

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