Während Sony den Metreon Playstation Store in San Francisco am 31. diesen Monats schließen wird (ePrison berichtete), kündigte der Spielehändler GameStop einen Rekordgewinn für das Jahr 2008 an.Einen Großteil des Geschäftes macht GameStop mit neuer Software: $3,685 Milliarden gehen aus diesem Segment hervor. Doch auch der Verkauf und Ankauf von gebrauchten Spielen summiert sich auf $2 Milliarden auf. Mit der Addition von Verkäufen aus ungebrauchter Hardware sowie andere Einahmequellen, steigerte sich der Verkauf über 24,4 Prozent im Vergleich zum Vorjahr auf $8.8 Milliarden.
GameStop ist in Deutschland in vielen Großstädten vertreten und die Handelskette plant weitere 400 Geschäfte in diesem Jahr zu eröffnen.
Pressemitteilung
GameStop Drives Record Sales and Earnings in 2008
Solid Increases in Sales, Operating Margins, EPS, and Cash Generation Expected in 2009
GRAPEVINE, Texas--(BUSINESS WIRE)--Mar. 26, 2009-- GameStop Corp. (NYSE: GME), the world’s largest video game and entertainment software retailer, today reported audited sales and earnings for the fourth quarter and the fiscal year ended January 31, 2009.
Daniel DeMatteo, Chief Executive Officer, stated, “In spite of the current worldwide retail environment, GameStop’s financial performance is being driven by delivering to consumers what they want: stores in a wide range of locations, knowledgeable associates and most importantly, options that provide value. Our affinity with consumers, combined with our solid business model, prudent financial management practices, expansive brand presence and strategic merchandising, allowed us to achieve a record eighth straight year of sales and earnings growth. In 2008, we opened or acquired 1,002 stores worldwide, including the acquisition of Micromania, the largest video game retailer in France.”
Fourth Quarter Financial Results
Net earnings increased 22.4% to $232.3 million in the fourth quarter of 2008, including merger-related income of $12.0 million ($7.5 million, net of tax expense) as compared to net earnings of $189.8 million in the prior year quarter.
Diluted earnings per share were $1.39, at the high end of previously announced guidance, including merger-related income of $0.05 per share, an increase of 21.9% compared to $1.14 in the prior year quarter.
Total sales for the fourth quarter increased 21.9% to $3.5 billion, in comparison to $2.9 billion in the prior year quarter. Comparable store sales increased +9.6% for the fourth quarter.
Full Year Financial Results
Net earnings increased 38.2% to $398.3 million in fiscal 2008, including debt retirement costs and merger-related expenses of $6.9 million (combined $4.4 million, net of tax benefits) as compared to net earnings of $288.3 million in fiscal 2007, including debt retirement costs of $12.6 million ($7.9 million, net of tax benefits).
Diluted earnings per share were $2.38, at the high end of previously announced guidance, including debt retirement costs and merger-related expenses of $0.02 per share, an increase of 36.0% compared to $1.75, including debt retirement costs of $0.05 per share, in fiscal 2007.
Total sales for the full year increased 24.1% to $8.8 billion, in comparison to $7.1 billion in fiscal 2007. Comparable store sales increased +12.3% for the full year.
Business Outlook
“Looking at 2009, we are confident in our ability to increase sales and earnings, generate significant cash, advance market share, and maintain a financially sound balance sheet. We have positioned GameStop to offer video game consumers worldwide the best values for gaming,” concluded DeMatteo.
Based on our expectations of continued proliferation of the hardware installed base, the upcoming new title slate, increasing consumer enthusiasm for our trade-in model, and further expansion of video games as primary, mainstream entertainment, GameStop expects 2009 to be another record year. In spite of the worldwide recession and difficult retail climate, we expect robust increases in sales, operating margins, earnings, and cash generation. As reported on February 19th, GameStop projects 2009 growth as follows:
* Total sales growth between +10.0% and +12.0%
* Comparable store sales of +4.0% to +6.0%
* Diluted earnings per share increasing +18% to +22%
During the year, we expect to generate free cash flow (a non-GAAP measure of operating cash flow less capital expenditures) of over $500 million, after having invested $170 million in capital improvements, including the opening of more than 400 new stores worldwide.
For the first quarter of fiscal 2009, the company expects comparable store sales to range from flat to +2.0%, on top of the 27% comp store sales increase from the prior year quarter when three major software titles were launched (SUPER SMASH BROS. BRAWL, MARIO KART, and GRAND THEFT AUTO IV). Sales growth will be driven by continued strong demand for all new hardware systems, including Nintendo’s DSi, and a strong slate of new video game releases, including Capcom’s STREET FIGHTER IV and RESIDENT EVIL 5 and Microsoft’s HALO WARS. Diluted earnings per share are expected to range from $0.40 to $0.42, an increase of +5.0% to +10.0% over the prior year quarter. During the course of the year, we expect comparable sales increases to vary by quarter, depending on release dates of new titles, and in consideration of the rollover effect of launch dates of titles in 2008.
For the U.S. market, we estimate that new video game software sales will increase between +5.0% and +10.0% in 2009.
Note that guidance does not include debt retirement costs or merger related expenses.
About GameStop
Headquartered in Grapevine, TX, GameStop Corp., a Fortune 500 and S&P 500 company, is the world\'s largest video game and entertainment software retailer. The company operates 6,207 retail stores in 17 countries worldwide. The company also operates an e-commerce site, GameStop.com, and publishes Game Informer(R) magazine, a leading multi-platform video game publication. GameStop Corp. sells new and used video game software, hardware and accessories for video game systems from Sony, Nintendo, and Microsoft. In addition, the company sells PC entertainment software, related accessories and other merchandise. General information on GameStop Corp. can be obtained at the company\'s corporate website: http://www.gamestopcorp.com.
Safe Harbor
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, the outlook for fiscal 2009 and beyond, future financial and operating results, projected store openings, the company\'s plans, objectives, expectations and intentions, and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of GameStop\'s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. GameStop undertakes no obligation to publicly update or revise any forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the inability to obtain sufficient quantities of product to meet consumer demand, including Nintendo\'s Wii; the timing of release of video game titles for next generation consoles; the risks associated with expanded international operations and the integration of recent acquisitions, including Micromania; the impact of increased competition and changing technology in the video game industry; and economic and other events that could reduce or impact consumer demand. Additional factors that could cause GameStop\'s results to differ materially from those described in the forward-looking statements can be found in GameStop\'s Annual Report on Form 10-K for the fiscal year ended February 2, 2008 filed with the SEC and available at the SEC\'s Internet site at http://www.sec.gov or http://investor.gamestop.com.
GameStop Corp.
Statements of Operations
(in thousands, except per share data)
13 weeks 13 weeks
ended ended
Jan. 31, 2009 Feb. 2, 2008
Sales $ 3,492,114 $ 2,865,585
Cost of sales 2,652,937 2,181,510
Gross profit 839,177 684,075
Selling, general and administrative
expenses 433,285 357,512
Depreciation and amortization 38,092 33,412
Merger-related expenses (income) (12,012 ) -
Operating earnings 379,812 293,151
Interest expense, net 12,331 8,390
Earnings before income
tax expense 367,481 284,761
Income tax expense 135,156 94,960
Net earnings $ 232,325 $ 189,801
Earnings per common share:
Basic $ 1.42 $ 1.18
Diluted $ 1.39 $ 1.14
Weighted average common shares
outstanding:
Basic 163,812 160,980
Diluted 167,244 166,992
Percentage of Sales:
Sales 100.0 % 100.0 %
Cost of sales 76.0 % 76.1 %
Gross profit 24.0 % 23.9 %
SG&A expenses 12.4 % 12.5 %
Depreciation and amortization 1.1 % 1.2 %
Merger-related expenses (income) -0.4 % 0.0 %
Operating earnings 10.9 % 10.2 %
Interest expense, net 0.4 % 0.3 %
Earnings before income
tax expense 10.5 % 9.9 %
Income tax expense 3.8 % 3.3 %
Net earnings 6.7 % 6.6 %
GameStop Corp.
Statements of Operations
(in thousands, except per share data)
52 weeks 52 weeks
ended ended
Jan. 31, 2009 Feb. 2, 2008
Sales $ 8,805,897 $ 7,093,962
Cost of sales 6,535,762 5,280,255
Gross profit 2,270,135 1,813,707
Selling, general and administrative
expenses 1,445,419 1,182,016
Depreciation and amortization 145,004 130,270
Merger-related expenses 4,593 -
Operating earnings 675,119 501,421
Interest expense, net 38,837 47,774
Debt extinguishment expense 2,331 12,591
Earnings before income
tax expense 633,951 441,056
Income tax expense 235,669 152,765
Net earnings $ 398,282 $ 288,291
Earnings per common share:
Basic $ 2.44 $ 1.82
Diluted $ 2.38 $ 1.75
Weighted average common shares
outstanding:
Basic 163,190 158,226
Diluted 167,671 164,844
Percentage of Sales:
Sales 100.0 % 100.0 %
Cost of sales 74.2 % 74.4 %
Gross profit 25.8 % 25.6 %
SG&A expenses 16.4 % 16.7 %
Depreciation and amortization 1.6 % 1.8 %
Merger-related expenses 0.1 % 0.0 %
Operating earnings 7.7 % 7.1 %
Interest expense, net 0.5 % 0.7 %
Debt extinguishment expense 0.0 % 0.2 %
Earnings before income
tax expense 7.2 % 6.2 %
Income tax expense 2.7 % 2.1 %
Net earnings 4.5 % 4.1 %
GameStop Corp.
Balance Sheets
(in thousands, except per share data)
Jan. 31, Feb. 2,
2009 2008
ASSETS:
Current assets:
Cash and cash equivalents $ 578,141 $ 857,414
Receivables, net 65,981 56,019
Merchandise inventories 1,075,792 801,025
Prepaid expenses and other current assets 74,512 52,778
Deferred taxes 23,615 27,481
Total current assets
1,818,041 1,794,717
Property and equipment:
Land 10,397 11,870
Buildings & leasehold improvements 454,651 378,611
Fixtures and equipment 619,845 538,738
1,084,893 929,219
Less accumulated depreciation and amortization 535,639 417,550
Net property and equipment 549,254 511,669
Goodwill, net 1,862,107 1,402,440
Other noncurrent assets 283,188 67,065
Total assets $ 4,512,590 $ 3,775,891
LIABILITIES AND STOCKHOLDERS\' EQUITY:
Current liabilities:
Accounts payable $ 1,047,963 $ 844,376
Accrued liabilities 514,748 416,181
Total current liabilities
1,562,711 1,260,557
Other long-term liabilities 104,486 78,415
Senior fixed notes payable, net of discount 545,712 574,473
Total liabilities 2,212,909 1,913,445
Stockholders\' equity:
Preferred stock - authorized 5,000 shares; no shares
issued or outstanding -- --
Class A common stock - $.001 par value; authorized 300,000 shares;
163,843 and 161,007 shares issued and outstanding, respectively 164 161
Additional paid-in-capital 1,307,453 1,208,474
Accumulated other comprehensive income (loss) (28,426 ) 31,603
Retained earnings 1,020,490 622,208
Total stockholders\' equity 2,299,681 1,862,446
Total liabilities and stockholders\' equity $ 4,512,590 $ 3,775,891
Schedule I
GameStop Corp.
Sales Mix
13 Weeks Ended 13 Weeks Ended
Jan. 31, 2009 Feb. 2, 2008
Percent Percent
Sales of Total Sales of Total
Sales (in millions):
New video game hardware $ 813.1 23.3 % $ 719.8 25.1 %
New video game software 1,483.9 42.5 % 1,209.0 42.2 %
Used video game products 714.2 20.5 % 546.7 19.1 %
Other 480.9 13.7 % 390.1 13.6 %
Total $ 3,492.1 100.0 % $ 2,865.6 100.0 %
52 Weeks Ended 52 Weeks Ended
Jan. 31, 2009 Feb. 2, 2008
Percent Percent
Sales of Total Sales of Total
Sales (in millions):
New video game hardware $ 1,860.2 21.1 % $ 1,668.9 23.5 %
New video game software 3,685.0 41.9 % 2,800.7 39.5 %
Used video game products 2,026.6 23.0 % 1,586.7 22.4 %
Other 1,234.1 14.0 % 1,037.7 14.6 %
Total $ 8,805.9 100.0 % $ 7,094.0 100.0 %
Schedule II
GameStop Corp.
Gross Profit Mix
13 Weeks Ended 13 Weeks Ended
Jan. 31, 2009 Feb. 2, 2008
Gross Gross
Gross Profit Gross Profit
Profit Percent Profit Percent
Gross Profit (in millions):
New video game hardware $ 44.2 5.4 % $ 37.6 5.2 %
New video game software 308.0 20.8 % 257.6 21.3 %
Used video game products 331.5 46.4 % 262.2 48.0 %
Other 155.5 32.3 % 126.7 32.5 %
Total $ 839.2 24.0 % $ 684.1 23.9 %
52 Weeks Ended 52 Weeks Ended
Jan. 31, 2009 Feb. 2, 2008
Gross Gross
Gross Profit Gross Profit
Profit Percent Profit Percent
Gross Profit (in millions):
New video game hardware $ 112.6 6.1 % $ 108.2 6.5 %
New video game software 768.4 20.9 % 581.7 20.8 %
Used video game products 974.5 48.1 % 772.2 48.7 %
Other 414.6 33.6 % 351.6 33.9 %
Total $ 2,270.1 25.8 % $ 1,813.7 25.6 %
Source: GameStop Corp.
Media Contact:
Chris Olivera
Vice President,
Corporate Communications
GameStop Corp.
(817) 424-2130
or
Investor Contact:
Matt Hodges
Director,
Investor Relations
GameStop Corp.
(817) 424-2130
