GameStop quarterly sales up 41.8%

GRAPEVINE, Texas GameStop reported first quarter net earnings of $62.1 million for the first quarter of 2008, as compared to net earnings of $24.7 million for the first quarter of 2007, an increase of 151.4%. Diluted earnings per share were 37 cents.

GameStop sales increased 41.8% to $1.8 billion in the first quarter, in comparison to $1.3 billion in the prior year quarter. Comparable-store sales increased 27.1% during the first quarter.

GameStop expects second quarter comparable-store sales to range from up 12% to up 14%. Diluted earnings per share are expected to range from 26 cents to 28 cents. Based on the stronger than expected results in the first quarter of 2008, GameStop is increasing its guidance for full year diluted earnings per share to a range of $2.30 to $2.39, representing a 28% to 33% growth over last year. Comparable-store sales are forecast to increase between 10% and 12% for the full fiscal year.