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GameStop Corp. Reports Holiday Sales; Video Game Software Grows 22 Percent; Reaffirms 2002 Earnings Guidance

GRAPEVINE, Texas--(BUSINESS WIRE)--Jan. 8, 2003--GameStop Corp. (NYSE:GME), the nation's largest video game and entertainment software specialty retailer, today reported sales results for the nine-week holiday period ended January 4, 2003.

Total sales for the nine-weeks ended January 4, 2003, were $420.4 million, a 1.6% decrease from the prior year holiday period of $427.3 million. Comparable store sales decreased 9.4% for the same period. The general weakness in the overall economy, coupled with six fewer shopping days between Thanksgiving and Christmas, made for a challenging retail season; yet, GameStop total sales nearly matched last year's numbers, when comparable store sales increased 60%.

Total sales for the 48 weeks ended January 4, 2003, were $1,252.8 million, a 21.1% increase over the prior year period of $1,034.2 million. Comparable store sales increased 12.2% for the year to date period.

With a significantly increased installed base of video game consoles, video game software sales increased 22% during the holiday period, fueled by exceptional sales of games such as Grand Theft Auto: Vice City from Take Two Interactive, DragonBall Z: Budokai from Infogrames, Tom Clancy's Splinter Cell from UBI Software, WWE Smackdown! Shut Your Mouth from THQ, and Madden NFL 2003 from Electronic Arts.

Based on results to date, we continue to forecast that earnings per share for the fourth quarter will range from $0.48 to $0.52 per share, with comparable store sales in the -4% to -6% range. This equates to projected full year earnings per share of between $0.83 and $0.87, consistent with our original guidance issued at the beginning of the fiscal year.

Full year sales results and fiscal 2003 earnings guidance are expected to be released on February 19, 2003.

About GameStop Corp.

Headquartered in Grapevine, TX, GameStop Corp. (NYSE:GME), is the nation's largest video game and entertainment software specialty retailer. The company operates over 1,200 retail stores throughout 49 states and Puerto Rico, under the GameStop(R), Babbage's(R), Software Etc.(TM) and FuncoLand(R) brands. In addition, the company owns a commerce-enabled Web property, GameStop.com, and Game Informer magazine, a leading video and computer game publication.

GameStop Corp. sells the most popular new software, hardware and game accessories for the PC and next generation video game systems from Sony, Nintendo, and Microsoft, and is also the industry's largest reseller of used video games. In addition, the company sells computer and video game magazines and strategy guides, action figures, and other related merchandise to more than 30 million customers.

¶ Barnes and Noble, Inc. (NYSE:BKS), the world's largest bookseller, has approximately a 60 percent interest in GameStop. General information on GameStop Corp. can be obtained via the Internet by visiting the company's corporate Website: http://www.gamestop.com/investor-relations.

SAFE HARBOR

This press release (including any attached schedules) contains "forward-looking statements." GameStop Corp. is including this statement for the express purpose of availing itself of the protections of the safe harbor provided by the Private Securities Litigation Reform Act of 1995 with respect to all such forward-looking statements. These forward-looking statements are based on currently available information and represent the beliefs of the management of the company. These statements are subject to risks and uncertainties that could cause actual results to differ materially. These risks include, but are not limited to, general economic and market conditions, seasonality, decreased consumer demand for the company's products, possible disruptions in the company's computer or telephone systems, possible work stoppages or increases in labor costs, possible increases in shipping rates or interruptions in shipping service, effects of competition, possible disruptions or delays in the opening of new stores or the inability to obtain suitable sites for new stores, higher than anticipated store closing or relocation costs, higher interest rates, the performance of the company's online and other initiatives, the successful integration of acquired businesses, unanticipated increases in merchandise or occupancy costs, unanticipated adverse litigation results or effects, product shortages, and other factors which may be outside of the company's control. Please refer to the company's reports on file with the SEC for a more detailed discussion of these and other risks that could cause results to differ materially.

                            GameStop Corp.
                           Retail Sales Mix

                                 9 weeks                9 weeks
                                  ended                  Ended
                              January 4, 2003       January 5, 2002
                              ---------------       ---------------


Video Game Hardware                  20%                   30%

Video Game Software                  58%                   47%

Video Game Accessories               13%                   13%

PC Software                           5%                    7%

PC Accessories and Other              4%                    3%

--30--mjr/da*

CONTACT: GameStop Corp.
Media Contact:
Lori M. Milovich, 817/424-2130
Director, Public & Investor Relations
or
Investor Contact:
David W. Carlson, 817/424-2130
Executive Vice President & Chief Financial Officer