Retail giant GameStop's same-store sales dropped significantly more than expected this past quarter; in turn, their full-year same-store sales forecast has been lowered.
For comparable store sales (those open at least one year), numbers dropped 1.5 percent, in contrast to the 2 percent anticipated hike; Europe's recession and a slowdown of console sales are blamed for the change -- up until now, GameStop had been able to weather the financial storm.
Wall Street's own share estimates for Q2 are higher than GameStop's revised numbers: 40 versus 28-33; same store sales are prediced by the corporation to decline 8-11%, higher than Janco Partners' four.
Fiscal Q1 net income and sales were up, however, rising to $70.4 million from $62.1, and 9.2 percent to $1.98 billion.
