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GameStop sees holiday sales edge up Monday, 9th January 2012
Game Stop Corp saw Christmas sales increase as consumers shopped for the best bargains.
The retailer saw total sales rise to USD 3.02 billion for the nine-week holiday to 31 December. Total company same-store sales decreased 0.3 per cent composed of an increase of 0.3 per cent in the United States to offset a 1.5 per cent decrease internationally.
One of the areas of strength for GameStop was digital sales, which grew 60 per cent, led by Call of Duty Elite subscriptions for downloadable content.
The retailer has managed to weather a downturn in traditional video game products by focusing on selling used games to console owners.
Chief Executive Paul Raines said in an interview that the company's own data indicated GameStop has managed to win market share from "big box" rivals like Best Buy Inc during the holiday period. He said the company was helped by its loyalty reward program. "It meant they were turning left to come to GameStop rather than turning right to go to a big box."
The games retailer said it now expects same-store sales for the fourth quarter and full year to be down 1 to 2 per cent. The company also retired the remainder of its long-term debt of USD125 million and is now debt free.