GameStop's Profits Drop

GameStop posts disappointing profit, cuts outlook has disappointing financial results for this retail game chain. GameStop claims earnings of $38.7 million (23 cents per share) for the period ended Aug. 1, down 32% from the same period last year. Word is: "Analysts surveyed by Thomson Reuters expected a profit of 28 cents per share. Sales fell nearly 4 percent to $1.74 billion, while same-store sales, or sales at stores open at least a year, fell 14.1 percent." GameStop has also lowered its financial outlook for the rest of the year. There's a follow up on IndustryGamers quoting GameStop CEO Dan DeMatteo's optimism for the future: "To all of you who follow this industry, I would like you to begin thinking in respect to 2010 and what it's going to look like, and I think if you look at the model of 2008 you're going to find a very similar set of circumstances in 2010 that will drive the business bigger for both us and the entire industry."