GameStop Expecting Improved Profit in Q4

GameStop is expecting a turnaround in profit to close out 2013 after a sharp decline in sales, according to a report in the Wall Street Journal.

The video game retail chain experienced a 50 percent profit fall in the last quarter, with most of the blame being placed on the upcoming release of next generation consoles.

According to GameStop however, the company expects that the reason for their current low profit, will be the same reason why sales will soar to close out the year.

“There’s a lot of energy coming into the console industry,” said Paul Raines, GameStop’s chief executive.

According to a survey conduced by GameStop, more than half of gamers plan to purchase a new console in the fall. GameStop hopes that a new era in console gaming will spark the market’s interest.

GameStop president Tony Bartel echoed that statement, believing that a new line of games on the strongest console platforms yet will result in a win-win for the consumer and supplier.

“We really believe we are at the starting line of a very long line of growth quarters,” said Bartel.

With the console gaming industry struggling the last year, the company has also set their eyes on the always expanding mobile device gaming market, opening their stores to tablets.

The PS4 will officially launch on November 15, while the Xbox One is expected for a release sometime in November as well.