No Stopping GameStop Sales in Q1 2013

Video game retailer GameStop has just reported first-quarter mobile sales of $46.8 million, which translates to a staggering 290% jump year-over-year.

Sales in new software decreased 3.8%, however, which still isn’t disappointing when compared to a U.S. industry decline of 14.2% during the same period.

GameStop’s U.S. market share of new PS3 and Xbox 360 software is 47.7%.

Diluted earnings per share were $0.46, exceeding the high end of the company’s guidance by $0.03. The better-than-expected results were primarily due to a 100 basis point increase in gross margins. EPS declined 14.8% compared to diluted earnings per share of $0.54 in the prior year quarter.

“GameStop’s continuing margin expansion, growing new businesses and market share gains are the results of executing our strategic plan,” says Paul Raines, chief executive officer. “We look forward to capitalizing on the upcoming new console cycle.”