Gamestop Shares Drop

Gamestop shares fell to their lowest level since August 2012 on Friday after the video game retailer reported that comparable store sales shrank in the US in Q2 and the company missed Street forecasts for EPS by a penny. GME was down 13% at $18.96, trading in a new 52-week range between $18.72 and $30.51.

Overall comparable store sales grew 1.9%, driven by a 9.8% increase internationally. Q2 earnings per share came in at $0.15, a penny shy of the consensus on Capital IQ and compared with $0.27 a year earlier. Sales rose 3.4% to $1.69 billion, which was ahead of the Street’s view for $1.65 billion. The video game retailer reiterated FY diluted EPS guidance of $3.10 to $3.40, and said it sees comparable store sales at the high end of previously stated guidance range of -5.0% to 0.0%. Analysts expect $3.33 in earnings per share.

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