GameStop Corp. (GME) has reported 10.33 percent fall in profit for the quarter ended Apr. 29, 2017. The company has earned $59 million, or $0.58 a share in the quarter, compared with $65.80 million, or $0.63 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $63.60 million, or $0.63 a share compared with $68.40 million or $0.66 a share, a year ago.

Revenue during the quarter grew 3.77 percent to $2,045.90 million from $1,971.50 million in the previous year period. Gross margin for the quarter expanded 7 basis points over the previous year period to 34.34 percent. Total expenses were 95.06 percent of quarterly revenues, up from 94.22 percent for the same period last year. That has resulted in a contraction of 84 basis points in operating margin to 4.94 percent.

Operating income for the quarter was $101.10 million, compared with $114 million in the previous year period.

However, the adjusted operating income for the quarter stood at $108.40 million compared to $118.10 million in the prior year period. At the same time, adjusted operating margin contracted 69 basis points in the quarter to 5.30 percent from 5.99 percent in the last year period.

Paul Raines, chief executive officer, stated, "Our first quarter results reflect the power of our leadership position within the video game market and our ongoing diversification efforts. Our international operations were particularly strong, driven by robust sales of Nintendo Switch and Collectibles. Throughout 2017, our focus will continue to be executing our diversification strategy, exercising cost discipline and increasing our share in the video game market."

For fiscal year 2017, the company expects diluted earnings per share to be in the range of $3.10 to $3.40.