May 25- GameStop Corp, the world’s largest retailer of video games, reported its first increase in sales in five quarters, as robust demand for the Nintendo Switch gaming console helped offset weak video game sales. Net sales rose 3.8 percent to $2…
May 25 (Reuters) – GameStop Corp, the world’s largest retailer of video games, reported its first increase in sales in five quarters, as robust demand for the Nintendo Switch gaming console helped offset weak video game sales.
Net sales rose 3.8 percent to $2.05 billion in the first quarter ended April 29, the company said on Thursday.
GameStop’s sales at established stores rose 2.3 percent in the quarter. Analysts on average had expected a decline of 3.6 percent, according to research firm Consensus Metrix.
Net income fell to $59 million, or 58 cents per share in the quarter, from $65.8 million, or 63 cents per share, a year earlier. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sai Sachin Ravikumar)
