GameStop (GME - Analyst Report) is the leading videogame and consumer electronics retailer with over 6,600 stores worldwide. The company is a staple storefront in malls across America, and GameStop even operates one of the most widely circulated gaming magazines, Game Informer.
Like many retail chains across all industries, GameStop’s primary challenge this quarter was currency headwinds. GameStop expected sales growth in the second quarter to range from flat to negative 3%. Comps were expected to be flat or grow up to 3%.
Our consensus estimate has seen some movement over this quarter. 90 days ago, our consensus estimated earnings of $0.20 per share. Now, our consensus estimates adjusted EPS of $0.24 going into the report.
GameStop’s rank has seen some movement over the last week. It was a Zacks Rank #2 (Buy) last week, but has since downgraded to a Zacks Rank #3 (Hold), although we could see movement in the ranking following today’s earnings report.
We have highlighted some of the key stats from this just-released earnings announcement below:
Earnings: GameStop posted a quarterly EPS of 31 cents, which beat the Zacks Consensus Estimate of $0.24.
Revenue: GameStop reported quarterly revenues of $1.761 billion, which was a slight miss from our consensus estimate of $1.727 billion.
Key stats: Total global sales rose 1.8% and global comparable store sales increased 8.1%.
Stock price: Shares of GME were up about 1.8% at the closing bell today, and since then they’ve jumped almost 5% in after-hours trading.
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