GameStop Corp. (NYSE:GME) released its fourth fiscal quarter results before opening bell this morning, coming up a bit short with basic net earnings of $1.91 a share on sales of $3.68 billion. Diluted earnings per share were $1.89. On average, analysts had been expecting the retail chain to report earnings of $1.93 a share on revenue of $3.79 billion.

GameStop Corp. (GME) Misses Estimates, Shares Slump

As expected, console sales drove positive same store sales, both for the fourth quarter and the full year. Both the Xbox One and the PlayStation 4 launched during the fourth quarter.

Breaking down GameStop’s results

Total global says for the quarter rose 3.4%. GameStop Corp. (NYSE:GME) noted that the quarter had 13 weeks, compared to last year’s 14 weeks in the same quarter. The retail chain reported that consolidated comparable store sales rose 7.8% year over year, with sales and comps being driven by the two new consoles.

Fourth quarter net earnings were $220.5 million, which includes “goodwill and asset impairment charges,” which amounted to a 20-cent per-share impact. That’s a decline from last year’s net earnings of $261.1 million in the same quarter a year ago.

GameStop Corp. (NYSE:GME) said the charges were mainly connected with the closure of Spawn Labs and store asset impairments. The retail chain also had a one-time benefit of 18 cents per share due to a change in accounting estimates.

GameStop reports full-year results

For the full 2013 fiscal year, which ended Feb. 1, 2014, GameStop Corp. (NYSE:GME) reported total globl sales of $9.04 billion, an increase of 1.7% year over year. Full-year consolidated comparable store sales rose 3.8%, as sales of new video game hardware increased 29.7%. Those sales were driven by the launches of the PlayStation 4 and the Xbox One.

Sales from new and used video games fell 2.8% year over year, while sales of “value products” fell 4.1% in the quarter. GameStop Corp. (NYSE:GME) said until the fourth quarter, both categories were impacted by “limited” releases of new titles and also falling store traffic.

Diluted net earnings for the full year were $2.99 a share, compared to $2.13 per share in losses in the previous years.

GameStop buys back shares, guides for 2014

During the fourth quarter, GameStop Corp. (NYSE:GME) bought back $49.5 million worth of shares. For the full year, the retail chain bought back $258.3 million. It also paid back $131 million in dividends during the fiscal year.

In the current year so far through March 20, GameStop Corp. (NYSE:GME) has bought back about $20.6 million worth of shares. The company has $436.5 million left on its current share repurchasing program. Earlier this month, GameStop also announced it was increasing its regular annual cash dividend by 20% to $1.32 per share.

GameStop Corp. (NYSE:GME) said it expects earnings per share for the full year to rise between 13% and 23%. It expects its net income to grow between 12% and 22%. The retail chain guided for diluted earnings per share of 55 cents to 60 cents for the current quarter and $3.40 to $3.70 for the full 2014 fiscal year.