GameStop Reports Q4 Drop In Sales
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GRAPEVINE (AP) - GameStop Corp. says the stronger dollar hurt its sales in its fiscal fourth quarter.
Grapevine-based GameStop said Thursday that its sales fell about 6 percent in the three months that ended Jan. 31.
Sales a year ago were boosted by the launch of PlayStation 4 and Xbox One.
The video game retailer says currency exchange rates will reduce its fiscal 2015 sales by $300 million to $400 million.
The company expects sales of games for older video game consoles to stay weak.
Fourth-quarter net income rose 11 percent to $244.1 million, or $2.23 per share. Excluding one-time tax gains and charges related to the end of the company's operations in Spain, GameStop said it earned $2.15 per share.
Revenue fell 5.6 percent to $3.48 billion.
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