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GameStop CEO Sees Market-Share Gains Despite Wal-Mart Moves

By Mary Ellen Lloyd Of DOW JONES NEWSWIRES GameStop Corp. (GME) Chief Executive Daniel DeMatteo played down the potential impact of a new push by Wal-Mart Stores Inc. (WMT) in the videogame business, saying his company can continue to gain market share. During a conference call with analysts and investors, DeMatteo said Wal-Mart's efforts are "obviously" an effort to boost its share of the first-week of new game titles. GameStop, the largest videogame and entertainment-software retailer by sales, now dominates that market, as it has 60% to 70% of the market share in first-week sales, DeMatteo said. "We believe our pre-release marketing, exclusive content and the immediate currency provided by our trade-in program will allow us to continue to gain market share as it has for the last few years," he said. GameStop shares recently rose 0.6% to $21.40 as broader markets fell sharply. Earlier Thursday, Wal-Mart unveiled a new website for videogames. The site touts exclusive content and special incentives, such as store gift cards, to pre-order new releases, as well as a trade-in program for used games and electronics. Under the trade-in program, customers will receive a prepaid Wal-Mart Visa card in the mail several days after shipping in their old products. GameStop's trade-in program in stores provides instant store credit for purchases. Also earlier Thursday, GameStop posted a 6.7% increase in first-quarter profit, slightly better than Wall Street's forecasts, as new game sales were stronger than industry trends. GameStop's revenue rose 5.1% to $2.08 billion and included a same-store sales decline of 1.6% as shortages of game systems hurt hardware sales. Analysts had most recently forecast $2.03 billion in revenue. -By Mary Ellen Lloyd, Dow Jones Newswires; 704-948-9145; maryellen.lloyd@dowjones.com

Stock News for Gamestop (GME)
DateTimeHeadline
08/27/201518:00:00GameStop Profit Rises
08/27/201516:12:56Current Report Filing (8-k)
08/27/201516:05:00GameStop Reports Second Quarter 2015 Results
08/25/201512:18:00Purchase Exclusive Collectibles, Apparel, & More in the ThinkGeek...
08/18/201510:00:00GameStop Announces Celebrity Appearances and Special Guests at...
08/17/201511:48:00GameStop Survey Finds Video Gamers Leave Money on the Table…Literally
08/14/201511:05:00GameStop Brings Gamers Together in #SummerAtGameStop
08/12/201510:00:00GameStop Announces Live Stream from GameStop EXPO 2015 Hosted...
08/10/201509:00:00GameStop Awards $100,000 to Recipients of “Power to the Scholars” Sch...
08/06/201509:30:00GameStop Corp. Announces Second Quarter 2015 Earnings Release...
07/29/201506:00:00GameStop Ireland Launches Zing Pop Culture in Dublin Flagship...
07/28/201512:01:00GameStop Announces More Than 100 Exhibitors, Exclusive Experiences...
07/17/201516:02:51Current Report Filing (8-k)
07/17/201509:15:00GameStop Completes Acquisition of Geeknet
07/15/201509:30:00Dive into the World of Virtual Reality with PlayStation’s Project M...
07/14/201509:00:00GameStop Announces Expiration of Tender Offer
07/10/201516:22:06Statement of Changes in Beneficial Ownership (4)
07/06/201519:29:04Statement of Changes in Beneficial Ownership (4)
06/29/201516:10:08Current Report Filing (8-k)
06/25/201510:32:00The Season to Game on, Share More, Win Big and Save is Here:...

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