GameStop Shares Dip Despite Financial Assurances

The March NPD results indicated a year over year decline in game sales, and retailer GameStop felt it in their stock prices, despite a statement issued today reaffirming its 2009 financial guidance.

GameStop stock has taken a bit of a dip today, currently trading at around $28.84, nearly 3% lower than yesterday's closing price of $29.70. The drop comes after the NPD Group's March results for the video game industry, which indicated a flat first quarter, with year over year sales declining in March.

GameStop issued a statement this morning reaffirming its original financial outlook, citing strong sales of games like Street Fighter IV, Resident Evil 5, Halo Wars, and Killzone 2 along with the launch of Nintendo's DSi as forces that will help maintain its guidance of $.40 to $.42 earnings per share, with full year earnings still expected to increase between +18% and +22%.

In other words, don't worry about the NPD results. The company is just fine. I bet all those stockholders selling their shares feel silly now.

GameStop shares fall on video game report [Yahoo! Finance]