NEW YORK — GameStop Corp. shares traded modestly lower Friday morning, hovering around $22.04, down about 1.06% or 0.24 points in early trading, as investors digested the company's recent strong quarterly results and capital return plans amid ongoing retail sector dynamics.

The videogame retailer closed Thursday at $22.27 after posting its highest quarterly net income in company history earlier in the week. The modest pullback reflects normal profit-taking following a positive reaction to earnings that showed significant improvement in profitability driven by collectibles sales growth.

GameStop on June 2 reported net sales of $835.3 million for the first quarter ended May 2, up 14% from $732.4 million in the prior-year period. Collectibles, including trading cards, apparel, toys and pop culture merchandise, surged to $348.9 million, accounting for nearly 42% of revenue compared to about 29% a year earlier.

Operating income reached a record $143.3 million for the quarter, swinging from an operating loss of $10.8 million in the prior year. Net income soared to $389.6 million, boosted by a $268.4 million unrealized gain on options tied to eBay stock and interest income, compared with $44.8 million a year ago. Adjusted figures also showed strength, with the company beating expectations.

The board approved a new $2 billion share repurchase program, signaling confidence in the company's financial position and strategy under Executive Chairman Ryan Cohen. GameStop ended the quarter with approximately $9.7 billion in cash, marketable........

© International Business Times