GameStop 4Q earnings up 22.4%

GRAPEVINE, Texas GameStop reported net earnings increased 22.4% to $232.3 million in the fourth quarter of 2008. Diluted earnings per share were $1.39, at the high end of previously announced guidance.

Total sales for the fourth quarter increased 21.9% to $3.5 billion, in comparison with $2.9 billion in the prior year quarter. Comparable-store sales increased 9.6% for the fourth quarter.

Net earnings increased 38.2% to $398.3 million in fiscal 2008 as compared with net earnings of $288.3 million in fiscal 2007. Diluted earnings per share were $2.38, at the high end of previously announced guidance, an increase of 36% compared to $1.75.

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.