Grapevine-based GameStop this morning reported its first-quarter '09 financials, which look pretty nice on the surface: Total sales were up 9.2% to $1.98 billion, and net earnings jumped 13.4% to $70.4 million. Among the reasons cited for the increased income: the release of the Nintendo DSi and such titles as Resident Evil 5 and Street Fighter IV -- though neither proved as popular as last year's Grand Theft Auto IV or Super Smash Bros. Brawl.
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But don't look to the new game sales' stats. Fact is, says CEO Daniel DeMatteo, sales of new titles dropped by almost three percent in the first quarter, whereas "lower-priced used products grew a robust 31.9%, illustrating that value is becoming more important to our customers." But behind the good news is this warning: Second-quarter numbers are likely to drop.