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GameStop plays up pre-owned sales as comps dip 9.1%
GRAPEVINE, Texas — GameStop reported a same-store sales decline of 9.1% for the second quarter on slow hardware sales and a lighter software slate than the prior year quarter. Despite the poor performance in new hardware and software, the company said pre-owned sales were strong for the quarter.
Total sales for the second quarter of 2011 were $1.74 billion, a decrease of 3.1% compared to $1.80 billion in the prior year quarter.
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Gap's profits drop 19% in Q2
San Francisco -- Gap reported Thursday that profit for the quarter ended July 30 dropped 19% to $189 million, compared with $234 million in the year-ago period.
The retailer, which operates the Gap, Old Navy and Banana Republic banners, cited aggressive merchandise pricing reductions for the profit decline. Results beat analysts’ earnings expectations, but the declines still raised concerns about Gap’s performance in the upcoming fall and holiday shopping seasons.