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Submitted by Silly gameAr 572d ago | news

GameStop concludes fiscal year with net loss, CEO calls 2012 a 'challenging year'

Joystiq: GameStop announced the results of it 2012 fiscal year (ending Feb. 2, 2013) today, with revenues of $403 million, which is slightly down from the $405.1 million in fiscal 2011. Due to "restructuring, impairment and debt retirement expenses of $680.7 million primarily related to goodwill impairment," the company saw a net loss of $269.7 million (2011: net earning of $339.9). (Industry, PS Vita, PS3, Wii, Wii U, Xbox 360)

USMC_POLICE  +   572d ago
Yea because you don't price match, your prices are higher than competitors. To name a few
darthv72  +   572d ago
it may be a loss for them but...
it was certainly a winning year for me. I was able to fill in plenty of back catalog holes on ps2, xbox, gc, wii, 360, ps3 and even dreamcast.

it had been a long time since i saw a DC game at GS but I had to get it when i did.

Seems now they are phasing out used PS2 and PSP games. some stores have already done that like they did with no longer carrying used xbox and cube games.
Aznreddneck81  +   572d ago
Good I hope they go bankrupt.
just-joe  +   572d ago
I'd rather they change their business practices for the better and not have people lose their jobs.
Murad  +   571d ago
I actually disagree. Today's economy outright sucks, and will most likely suck, because well, we are pretty stupid as people and trying to conserve money, or making sure to place money where it would give us the best benefits as a whole, rather than an individual. However, beside the point. I disagree because Gamestop treats their employees like shit. Terrible work hours, very little pay, and what's worse is that you know you're screwing someone over, and if you try to stop if, you're going to get fired. There's downright no reason to work there, even if you are broke, since guess what? 8 dollars an hour is still considered being broke.
just-joe  +   570d ago
@Murad
If there's no reason to work there, then why do people still work there? No one forces the employees to work there, they do it out of choice because they generally need the money. They can quit if they want but most choose to keep it because they need the money. Losing a job be it good or bad when you don't another lined up is NOT fun nor any better for a person.
jeeves86  +   572d ago
Yeah, because that's just what everyone needs, more people without jobs.
Khordchange  +   572d ago
Its gonna be a rough road ahead considering that the wii u, PS4, Xbox 720, 3DS, and Vita will or all have downloadable game features
profgerbik  +   572d ago
Only reason I want them open is so I have a place to pre-order. I don't like waiting for mail or dealing with the problems of an item not being shipped when it said it was. No other game stores or any where else to pre-order around here other than Gamestop.

Postal service blows now a days, I swear every time I order something it is never here when it says it is supposed to be. Comes days later after the tracking said it was delivered a long time ago..
#4 (Edited 572d ago ) | Agree(4) | Disagree(1) | Report | Reply
Roper316  +   572d ago
sorry to hear you have such issues, I switched over to Amazon the beginning of this gen because they were always offering 10-20 dollar credits for pre-orders where GS wasn't. While I may not have gotten my games on release day I would always receive them about a week later without a issue.

I would say that since I switched over to Amazon I have gotten at least 15 games for free probably closer to 20 just on pre-order credits alone. Then I usually get a email saying I got a credit for like another 1-2 dollars for their lowest price guarantee.
SolidSystem  +   572d ago
I love using Amazon for my pre-orders. I get home from work and boom there it is.
kreate  +   572d ago
I use best buy
ZeekQuattro  +   572d ago
This is to be expected. I only recently went to Gamestop last September. Before that I hadn't been in one since late 2007. The only reason I remember that was because when I went in they told me my Power Up card expired 5yrs ago. lol I know I'm not the only one to take my business elsewhere over the years. In many cases other businesses over better prices and more cash back if you trade in.
ApolloTheBoss  +   572d ago
Ripped me off for far too many times, Gamestop. Karma catches up to you eventually.
MASTER_RAIDEN  +   572d ago
too much hate toward gamestop. I mean i know theyre kind of a ridiculous company but im just glad we have a dedicated game store i can shop at when i need to.
edonus  +   572d ago
Of course business profits will fall. We are at the end of a console cycle. Everyone that wanted console has one the market for software has been solidified so there wont be as much proximity and spontaneous purchases of games.

This is how companies trick people. This is a natural part of the cycle. Next year profits will be through the roof because there will be 2 new popular consoles with new games on the market.
ScubaSteve1  +   572d ago
if they would price match then i will be happy
GC111  +   572d ago
Several years ago I used to frequent Gamestop (in South Bend, IN) all the time until some chubby bearded guy with glasses (didn't get his name) thought I was playing at the demo station too long and said "This is a store not a gaming area."
I haven't returned since except from gift cards/ Black Friday deals and now buy games off of Amazon and other stores. Who cares if someone wants to play at the demo when's there's no line?
Also it is said employees are allowed to open the new games and put them back as long as it's not scratched. Don't know if that one's 100% true.
Jek_Porkins  +   572d ago
Well the long console generation probably didn't help matters, game consoles and sales eventually peak, then can only go down.
iliimaster  +   572d ago
they will give u 20 $ or less for a few months old game and turn it around and sell it for 54.99
mopground  +   572d ago
what do t hey expect? Their physical and digital competitors have been offering much better benefits than they do and yet they are doing nothing to combat this. Their trade in values are only 1/10th of what they sell it for compared to others that give you 1/4th no doubt theyll go shutdown unless they start noticing whats going on around them
#13 (Edited 572d ago ) | Agree(0) | Disagree(0) | Report | Reply
Apollosupreme  +   571d ago
The company is fine as long as physical games are sold. Their revenue only slightly dipped.

They paid off some debt and impaired some assets. They took that hit in 2012 and so 2013 is a different best. I can't imagine their overhead being that high and so their expenses should be much lower this year. I do agree with some of the other posts though, digital sales will grow larger, however some people like to get a deal by buying used or trading in games. The only problem with Gamestops model is that the customer is not benefiting all that much when you consider he could do a private sale on Craiglist or Kijiji and have what he feels is a fair price in his hands within a day or days.
#14 (Edited 571d ago ) | Agree(0) | Disagree(0) | Report | Reply

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