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01-23-12 Analyst: Zynga financials are a mess
11-22-11 Gamestop: our customers are broke
09-26-11 Zynga profits plummit... HARD!
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Gamestop: our customers are broke
Giant retail shop Gamestop is reporting less than bright profit numbers and is claiming their customers have gone broke.
In an earnings call, Gamestop CEO Paul Raines made it clear that the declining trend in sales of new games is due to the fact that consumers have less money to spend:
The company reported that same store sales (sales of stores open more than a year) dropped 0.6 percent year-over-year while its digital sales increased by 59 percent in the same period. Sales of pre-owned games went up 3.1 percent compared to the same quarter last year.
In an earnings call, Gamestop CEO Paul Raines made it clear that the declining trend in sales of new games is due to the fact that consumers have less money to spend:
"The quarter presented some challenges in topline, due to a cash-strapped consumer that could not afford all of the good titles released during the quarter,"
Company president Tony Bartel added:"We had expectations for strong sales due to the great title lineup and record reservations. But we found that consumers were unable to fund the products that they wanted, as these strong titles rolled out week after week."
Gamestop reported a 2.5 percent year-over-year growth in revenue, but a 1.5 percent decrease in profits For the fiscal quarter ended October 29, 2011.The company reported that same store sales (sales of stores open more than a year) dropped 0.6 percent year-over-year while its digital sales increased by 59 percent in the same period. Sales of pre-owned games went up 3.1 percent compared to the same quarter last year.
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