GameStop rises on August video game sales report
GameStop shares rise on report saying that video game sales improved and software revenue grew
NEW YORK (AP) -- GameStop Corp. shares rose Friday after a report said U.S. video game sales improved in August as software and accessory sales grew.
THE SPARK: A report from research firm NPD Group said total video game revenue rose 1 percent to $521 million in the four-week period that ended Aug. 31 compared with the same period last year. Sales had dropped 19 percent in July.
THE BIG PICTURE: NPD said video game software sales climbed 23 percent to $293.4 million. That was the first month of sales growth since November 2011. NPD said the launch of this the football game "Madden NFL 25," which went on sale earlier than last year's edition, and other new games like "Saints Row IV" and "Tom Clancy's Splinter Cell: Blacklist" contributed to that growth.
SHARE ACTION: Shares of the world's largest video game retailer picked up $3, or 6.1 percent, to close Friday at $52.45.
