The company opened 108 new stores, bringing its new store total for the year to 449. Net income for the fourth quarter 2005 was $38.1 million, including a one-time $2.7 million charge related to EB's lease accounting. The new accounting, prompted by the SEC, takes into account rent holidays (periods before new stores are opened during which tenants do not always pay full rates) and tenant improvement allowances.
The adjusted Q4 total comes in lower than the $39.4 million from the fourth quarter 2004 (unjadjusted, net income for Q4 2005 was $40.8 million, higher than its Q4 2004 income).
Total revenue in the fourth quarter was $809 million, up from $671.5 million in Q4 2004. Same-store sales increased 3%, contrasting with the 2% increase from last year. A 22% increase in software sales – including massively popular new titles like "Halo 2" and "Grand Theft Auto: San Andreas" - as well as the launch of the Nintendo DS handheld console were attributed as causes.
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