GameStop’s quarterly profits drop, company continues with planned expansions

The Ft. Worth Star Telegram reports that Grapevine, Texas-based retailer Gamestop’s quarterly net profit dropped 32 percent for the company’s second quarter. GameStop CEO Daniel DeMatteo blamed the recession and a so-so gaming lineup in the first half of 2009.

“Due to the effects of the recession and strong prior year comparisons, the video game industry experienced a sharp decline in consumer spending during the quarter,” DeMatteo said in a statement. “Looking ahead, as the new title release schedule improves, we expect positive earnings growth in the back half of the year.”