GameStop Q2 Profit Tops View; Issues Q3 EPS Outlook

(RTTNews) - GameStop Corp. (GME) reported net income for the second quarter of $24.6 million or $0.22 per share, compared to $10.5 million or $0.09 per share in the year-ago quarter.

Total global sales for the latest second quarter rose 25.1% to $1.73 billion from $1.38 billion in the prior year quarter.

On average, analysts polled by Thomson Reuters expected the company to earn $0.18 per share on revenue of $1.65 billion for the second quarter.

Looking forward to the third quarter of fiscal 2014, GameStop expects same-store sales growth of 1.0% to 5.0% and earnings per share of $0.58 to $0.64.

For fiscal year 2014, the company maintained its previously announced full year earnings per share guidance range of $3.40 to $3.70. Full year same-store sales growth is expected between 6.0% and 12.0%.

Analysts currently expect the company to earn $0.57 per share for the third quarter and $3.67 per share for the fiscal year 2014.

Further, GameStop's board of directors also declared a quarterly cash dividend of $0.33 per common share payable on September 16, 2014, to shareholders of record as of the close of business on September 3, 2014.