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GameStop total sales down 6.8 percent, mobile sales increase 290 percent

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Video game retailer GameStop posted sales of $1.87 billion, down 6.8 percent from last year's earnings of $2 billion during the same period, according the company's recent financial report for the first quarter of fiscal year 2013.

Mobile sales increased 290 percent to $46.8 million, while new software sales decreased 3.8 percent and new hardware sales fell 30.6 percent. Sales of pre-owned goods also dropped 7.5 percent. Consolidated sales in stores decreased 6.7 percent since last year, and the company cited "late stage effects of the current console cycle" as the major factor affecting its topline sales.

Net earnings for the first quarter ending May 4, 2013 were $54.6 million, a decrease from the company's last quarter earnings of $72.5 million.

"GameStop's continuing margin expansion, growing new businesses and market share gains are the results of executing our strategic plan," GameStop CEO Paul Raines said in a statement. "We look forward to capitalizing on the upcoming new console cycle."