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Microsoft’s Kinect helps lift GameStop total sales over holiday period to $3 billion

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Video game retailing giant GameStop (NYSE:GME) reported a 5.4% increase in total sales for the 2010 holiday period to US$3.02 billion, with comparable same store sales climbing 3.4%.


The Grapevine, Texas company said the results were ahead of its own internal sales plan, and were largely down to a combination of strong sales of Microsoft’s Kinect, a 32% lift in gift card sales, a 100% increase in e-commerce sales, and continued demand for new games.


For the holiday period, total company sales of new hardware improved 7.4% while new video game software sales increased 3.3%.


"GameStop exceeded its holiday sales plan based on the strength in Kinect hardware and new software sales driven by core titles. Additionally, our PowerUp Rewards(TM) loyalty program, already six million members strong, gave consumers more reasons than ever to shop GameStop across multiple channels,” Paul Raines, CEO of GameStop, commented.


GameStop also maintained its fourth quarter and full year earnings per share guidance ranges of US$1.53 to $1.59 and $2.63 to $2.69 respectively, excluding debt retirement costs.


The company also still expects comparable store sales for the fourth quarter to range from 2% to 4% and full year comparable store sales to range from flat to 2%.


Full year 2010 sales and earnings results and fiscal 2011 earnings guidance are expected to be released in March 2011, the company added.


GameStop retail network include 6,606 company-operated stores in 17 countries worldwide.

Quick facts: GameStop Corp.

Price: 4.15 USD

NYSE:GME
Market: NYSE
Market Cap: $273.58 m
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