GameStop posts Q1 decline, attributes decreased sales of new and used to aging console market

GameStop has released its financial report for Q1 of its fiscal year, which noted a 12.5% decline in new and used games sales, but reported a 23% increase in digital sales.

For the period ending April 28, 2012, revenues were down by 12.2% to $2 billion, compared to $2.28 billion the year prior.

New hardware contributed $348.6 million, or 17.4 %, compared to $432.4 million the prior year. New game sales contributed $731.1 million, or 36.5%, compared to $914.7 million for the same period in 2011.

Profits of $72.5 million, compared to $80.4 million year-over-year, were also reported.

Used games and hardware contributed $619.0 million, or 30.9% of total revenue, compared to $625.0 million in Q1 2011. The firm attributed the decreased year-over-year sales of new and used titles on the aging console market.

Digital and mobile sales were $303.5 million an contributed 15.2% to total revenue. Despite the aforementioned increase in digital sales, revenue for the sector declined compared to the same period's $309.3 million reported in 2011.