GameStop Slashes Guidance After Blowing Quarter

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The latest sign the video game industry is struggling: Lowered consumer spending, the economy, and weak sales have prompted GameStop (GME) to lower its earnings guidance for the rest of 2009, the company announced today after blowing Q2.

“For fiscal 2009, GameStop is lowering diluted earnings per share guidance from the previously communicated range of $2.83 to $2.93 to a range of $2.40 to $2.64, representing annual EPS growth of flat to +10%. Comparable store sales are now projected to range from -8.0% to -4.0% in fiscal 2009.”

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