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View Count: 76 |  Publish Date: November 21, 2013
GameStop Says 2.3 Million Customers Waiting for PS4
By Cliff Edwards - 2013-11-21T16:54:08Z Stock Chart for GameStop Corp (GME)
GameStop Corp. (GME), the largestspecialty retailer of video games, said its initial allocationof Sony Corp. (6758) PlayStation 4 consoles sold out and that 2.3million customers are waiting for the devices.
Initial sales of the player exceeded its predecessor, thePlayStation 3, by more than 80 percent in the first few days,executives of the Grapevine, Texas-based chain said today on aconference call with analysts. They also anticipate a largewaiting list for Microsoft Corp. (MSFT)’s Xbox One, suggesting aprolonged industry sales slump is ending.
Sony said on Nov. 17 it sold more than 1 millionPlayStation 4 consoles in the U.S. and Canada within 24 hours ofthe $399 machine going on sale. The figure included some of the1 million units Tokyo-based Sony presold on a global basis, saidDan Race, a PlayStation spokesman.
Microsoft’s $499 Xbox One goes on sale tomorrow in 13countries and also is expected to be in high demand after aseven-year drought on new home consoles from the two companies.Nintendo Co. (7974)’s Wii U is entering its second year of sales.
GameStop fell 6.5 percent to $49.04 at 11:50 a.m. in NewYork after dropping as much as 11 percent, the biggest intradaydecline since May. The company forecast fourth-quarter profit of$1.97 to $2.14 a share, less than the $2.16 average of 20analysts’ estimates compiled by Bloomberg.
The retailer, which accounts for more than half of Sony andMicrosoft’s video-game software sales, will benefit from theconsole transition based on its ability to lure gamers who tradein older titles and hardware for discounts on new gear, saidColin Sebastian, an analyst at Robert W. Baird & Co. in SanFrancisco. He recommends buying the stock.
To contact the reporter on this story:Cliff Edwards in San Francisco at cedwards28@bloomberg.net
To contact the editor responsible for this story:Anthony Palazzo at apalazzo@bloomberg.net

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Time: 19:17  |  News Code: 349070  |  Site: bloomberg
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