AT&T's Largest Authorized Retailer Now Operates More Than 1,400 Stores Nationwide
Company Continues Rapid Growth of Its Technology Brands Business
GRAPEVINE, TX -- (Marketwired) -- 08/02/16 -- GameStop Corp. (NYSE: GME), a family of specialty retail brands that makes the most popular technologies affordable and simple, today announced that it has completed the acquisition of three national AT&T authorized retailers: Cellular World Corp., Midwest Cellular, Inc., and Red Skye Wireless, Inc., adding 507 stores to its Technology Brands business.
In 2013, GameStop entered the mobile space by acquiring Spring Mobile, an AT&T authorized retailer with approximately 90 stores. Today, GameStop is AT&T's largest authorized retailer with 1,421 AT&T Mobility stores. GameStop is also the largest retail distributor of Cricket Wireless with Cricket products and services available in 3,400 of its U.S. GameStop locations.
"Today's announcement showcases the strength of our relationship with AT&T and fortifies our diversification efforts," said Paul Raines, chief executive officer of GameStop. "With the continued investments in our Technology Brands business, we are on track to achieve our goal of generating $200 million of operating earnings in this growing segment by the end of 2019," Raines added.
More information about the acquisitions will be discussed on the company's second quarter earnings call on August 25, 2016.
About GameStop Corp.
GameStop Corp. (NYSE: GME), a Fortune 500 company headquartered in Grapevine, Texas, is a global, omnichannel video game, consumer electronics and wireless services retailer. GameStop operates more than 7,000 stores across 14 countries. The company's consumer product network also includes www.gamestop.com; www.Kongregate.com, a leading browser-based game site; Game Informer® magazine, the world's leading print and digital video game publication; and ThinkGeek, www.thinkgeek.com, the premier retailer for the global geek community featuring exclusive and unique video game and pop culture products. In addition, our Technology Brands segment includes Simply Mac and Spring Mobile stores. Simply Mac, www.simplymac.com, operates 74 stores, selling the full line of Apple products, including laptops, tablets, and smartphones and offering Apple certified warranty and repair services. Spring Mobile, www.springmobile.com, sells all of AT&T's products and services, including DIRECTV through its 1,421 AT&T branded stores and offers pre-paid wireless services, devices and related accessories through its 70 Cricket branded stores in select markets in the U.S.
General information about GameStop Corp. can be obtained at the company's corporate website. Follow GameStop on Twitter at www.twitter.com/GameStop and find GameStop on Facebook at www.facebook.com/GameStop.
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, future financial and operating results and projections, the company's plans, objectives, expectations and intentions, and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of GameStop's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. GameStop undertakes no obligation to publicly update or revise any forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the inability to obtain sufficient quantities of product to meet consumer demand, including console hardware and accessories; the timing of release and consumer demand for new and pre-owned video game titles; our ability to continue to expand, and successfully open and operate new stores for, our collectibles and tech brands businesses; risks associated with achievement of anticipated financial and operating results from acquisitions; our ability to sustain and grow our console digital video game sales; the risks associated with international operations, wireless industry partnerships and operations and the completion and integration of acquisitions; increased competition and changing technology in the video game industry, including browser and mobile games and digital distribution of console games, and the impact of that competition and those changes on physical video game sales; and economic, regulatory and other events, including litigation, that could reduce or impact consumer demand or affect the company's business. Additional factors that could cause GameStop's results to differ materially from those described in the forward-looking statements can be found in GameStop's Annual Report on Form 10-K, as amended, for the fiscal year ended Jan. 30, 2016 filed with the SEC and available at the SEC's Internet site at http://www.sec.gov or http://investor.GameStop.com.
Vice President, Corporate Communications
Source: GameStop Corporation