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GameStop Plans 400 Stores

GRAPEVINE, TX-Strong sales at established stores and an upswing in sales of video gaming consoles pushed up Q3 profits and sales at GameStop.

By Beverly Ford | Updated on November 22, 2006

GRAPEVINE, TX-Video gaming retailer GameStop Corp. says its on track to have 400 new stores opened by the end of this fiscal year as strong sales of gaming software and video platforms continue to improve the company’s bottom line.

The locally-based retailer which operates 4,592 stores throughout the United States, Canada, Europe, New Zealand and Puerto Rico, opened 81 stores in the third quarter, adding 40 outlets to its US holdings and 41 internationally. The company closed 40 stores worldwide during the quarter ended Oct. 28, eliminating 19 in the US and 20 internationally, mainly in Spain, GameStop’s chairman and CEO R. Richard Fontaine said in a conference call with analysts.

The video game retailing giant said strong sales at established stores and increased sales of video game consoles helped the company achieve a net income of $13.6 million, or 17 cents per share, in a turnaround from last year’s third quarter loss of $2.5 million, or 4 cents per share.

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