US video game retailer GameStop has released its financial results for the second quarter of its fiscal year. Sales were down by 10%, but the company said it anticipated this due to a decline of interest in current generation hardware. The results the company posted were no better than it managed in the first quarter. GameStop says that for the three months ended August 3rd the company had sales of $1.38 billion. This is down nearly 11 percent year-over-year. GameStop reported net income of $10.5 million, half the $21 million it managed to earn in the same period last year. However, the company expects sales to be reversed in the current quarter due to Grand Theft Auto V and other big titles coming.
“Through two quarters, the year has played out as expected. During this console transition period, our financial results have been supported by the continued growth of our emerging businesses.”
- GameStop CEO Paul Raines