GameStop Quarterly Profits Double

May 22, 2008 1:12 p.m. EST

Ne York, NY (AHN) - Videogame retailer GameStop reported quarterly profit doubled to $62 million as gamers flocked to purchase the latest Grand Theft Auto installment.

The profit number compares to $24.7 million earned during the same period in 2007.

The videogame chain also announced revenue rose 42 percent to $1.8 billion as sales increased a better-than-expected 27 percent. GameStop had predicted a 24 percent or 25 percent sales gain.

Videogame sales rose 72 percent while used game sales increased 27 percent. Hardware sales jumped 20 percent.