GameStop Corp. (NYSE:GME) reported its results for the third quarter. Net income for the electronics store fell to $53.9 million (39 cents per share) vs. $54.7 million (36 cents per share) a year earlier. This is a decline of 1.5% from the year earlier quarter. Revenue rose 2.5% to $1.95 billion from the year earlier quarter. GME fell in line with the mean analyst estimate of 39 cents per share. Analysts were expecting revenue of $1.97 billion.
Paul Raines, chief executive officer, stated, “In the third quarter, GameStop outperformed the market and continued to execute against the long-term strategic plan through additional investments in digital and emerging businesses. We expect that our innovative digital, iDevice and gaming tablet businesses will supplement our leading retail business this holiday. As we begin the fourth quarter, the strong sell-through of November new title releases indicates a good start to the holiday season. We know that GameStop’s buy-sell-trade value proposition and PowerUp Rewards program with 14.5 million members place us on the short list of preferred shopping destinations.”
Competitors to Watch: Best Buy Co., Inc. (NYSE:BBY), RadioShack Corporation (NYSE:RSH), CONN’S, Inc. (NASDAQ:CONN), hhgregg, Inc. (NYSE:HGG), Rent-A-Center, Inc (NASDAQ:RCII), Amazon.com (NASDAQ:AMZN), eBay (NASDAQ:EBAY), Wal-Mart (NYSE:WMT) and Target (NYSE:TGT).
J. M. Smucker Company (NYSE:SJM) reported its results for the second quarter. Net income for the processed and packaged goods company fell to $127.2 million ($1.12 per share) vs. $149.7 million ($1.25 per share) a year earlier. This is a decline of 15% from the year earlier quarter. Revenue rose 18.4% to $1.51 billion from the year earlier quarter. SJM reported adjusted net income of $1.29 per share. By that measure, the company fell short of mean estimate of $1.40 per share. Analysts were expecting revenue of $1.49 billion.
“We delivered record sales growth in the quarter including robust contributions from product innovation such as our K-Cups and seasonal offerings.As we head into the key holiday period, our strong leading brands are trusted and remain well positioned to meet the varying needs of our consumers, including helping to bring their families together to share memorable meals and moments,” commented Richard Smucker, Chief Executive Officer.”Additionally, we are effectively managing this period of significant cost inflation, where our cost of goods sold increased approximately 30 percent for the quarter, yet, we posted gross profit growth.As always, our focus remains on effectively managing the balance between volume, market share, and profitability, while continuing to invest in our brands.”
Competitors to Watch: TreeHouse Foods Inc. (NYSE:THS), Ralcorp Holdings, Inc. (NYSE:RAH), Kraft Foods Inc. (NYSE:KFT), The Hain Celestial Group, Inc. (NASDAQ:HAIN), General Mills, Inc. (NYSE:GIS), ConAgra Foods, Inc. (NYSE:CAG), B&G Foods, Inc. (NYSE:BGS), Farmer Brothers Co. (NASDAQ:FARM), Lancaster Colony Corp. (NASDAQ:LANC), Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR), and H.J. Heinz Company (NYSE:HNZ).