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Specialty retailer's digital channel posts increased sales to $134 million for latest period; total sales dip 11.1 percent to $1.55 billion.
GameStop's digital business continues to shine brightly for the specialty retailer. The company today reported sales and earnings for the second quarter ended July 28, revealing digital receipts surged 27 percent during the period to $134 million.
GameStop's "other" category (of which its digital business belongs), saw sales rise 40.6 percent during the quarter to $330.8 million. Mobile sales, composed of tablet and preowned iDevice products, came in at $29 million, and are on track to reach the company's forecast of $150-$200 million for the fiscal year.
As for its preowned business, GameStop said this sector outperformed its new product business, but decreased 11.2 percent to $562.2 million.
In all, GameStop's global sales for the period hit $1.55 billion, down 11.1 percent from the $1.74 billion tallied this time last year. The company attributed the downturn to a dearth of new game releases causing sales of new software and hardware to "decline sharply."
Profits for the period also fell, coming in at $21 million, a 32 percent decrease from the $30.9 million hauled during the same period last year.
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