Wednesday, July 20, 2016


Nintendo's viral success Pokémon Go has sent merchandise sales rocketing at GameStop, the CEO told CNBC's "Squawk on the Street" on Monday.
Sales were up 100 percent in stores — highlighted as "gyms" or "stops" in the augmented reality game — that did Pokemon-related events, said J. Paul Raines, GameStop CEO. Raines said GameStop is one of the largest distributors of Pokemon games and collectibles in the world.
"We are very much in the game, and are taking advantage of it now," Raines said.
Shares of the retailer rose about 8 percent on Monday. The company has seen its stock drop more than 35 percent over the past year.
As Pokemon Go provides GameStop a boost during a traditionally slow time of year, the chain is far from a doomsday scenario, despite the market data, Raines said.
Pokemon Go has hit the market at a time when GameStop has pushed heavily on virtual reality headsets and gaming. GameStop has sold out everything they've been given on reserve when it comes to virtual reality, Raines said.

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