##### Table of Contents









UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549





Form 10-K


FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO
SECTIONS 13 OR 15(d)


OF THE SECURITIES EXCHANGE ACT OF 1934


|   |  |                                                                                             
|-- |  | --------------------------------------------------------------------------------------------
|þ  |  | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934    
|   |  | For the fiscal year ended January 29, 2005                                                  
|or
|  
|o  |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934
|   |  | For the transition period
    from          to                                              

Commission File No. 1-31228





GameStop Corp.


(Exact name of registrant as specified in its Charter)


|                                                                                          |  |                                         
|----------------------------------------------------------------------------------------- |  | ----------------------------------------
|Delaware                                                                                  |  | 75-2951347                              
|(State or other jurisdiction of
    incorporation or organization)                        |  | (I.R.S. Employer
    Identification No.)
|                                                                                         
|2250 William D. Tate Avenue,
    Grapevine, Texas(Address of principal executive offices) |  | 76051(Zip Code)                         

Registrants telephone number, including area code:


(817) 424-2000


Securities registered pursuant to Section 12(b) of the
Act:


|                                                                                                |  |                                       
|----------------------------------------------------------------------------------------------- |  | --------------------------------------
|(Title of Class)                                                                                |  | (Name of Exchange on Which Registered)
|                                                                                                |  |                                       
|Class A Common Stock, $.001 par value per share                                                 |  | New York Stock Exchange               
|Class B Common Stock, $.001 par value per share                                                 |  | New York Stock Exchange               
|Rights to Purchase Series A Junior Participating Preferred
    Stock, $.001 par value per share |  | New York Stock Exchange               

Securities registered pursuant to Section 12(g) of the
Act:


None


þ o


þ


þ o








DOCUMENTS INCORPORATED BY REFERENCE












---










TABLE OF CONTENTS


|                                             |  |                                                                                                    |     |      |    | 
|-------------------------------------------- |  | -------------------------------------------------------------------------------------------------- | --- | ---- | -- | 
|                                             |  |                                                                                                    |     | Page |   
|                                             |  |                                                                                                    |     |      |   
|PART I                                      
|Item 1.                                      |  | Business                                                                                           |     |      | 2  | 
|Item 2.                                      |  | Properties                                                                                         |     |      | 17 | 
|Item 3.                                      |  | Legal Proceedings                                                                                  |     |      | 18 | 
|Item 4.                                      |  | Submission of Matters to a Vote of Security Holders                                                |     |      | 18 | 
|                                            
|PART II                                     
|Item 5.                                      |  | Market for Registrants Common Equity and Related
    Stockholder Matters                          |     |      | 18 | 
|Item 6.                                      |  | Selected Consolidated Financial Data                                                               |     |      | 20 | 
|Item 7.                                      |  | Managements Discussion and Analysis of Financial Condition
    and Results of Operations          |     |      | 22 | 
|Item 7A.                                     |  | Quantitative and Qualitative Disclosures About Market Risk                                         |     |      | 31 | 
|Item 8.                                      |  | Consolidated Financial Statements and Supplementary Data                                           |     |      | 32 | 
|Item 9.                                      |  | Changes in and Disagreements with Accountants on Accounting and
    Financial Disclosure           |     |      | 32 | 
|Item 9A.                                     |  | Controls and Procedures                                                                            |     |      | 32 | 
|                                            
|PART III                                    
|Item 10.                                     |  | Directors and Executive Officers of the Registrant                                                 |     |      | 32 | 
|Item 11.                                     |  | Executive Compensation                                                                             |     |      | 33 | 
|Item 12.                                     |  | Security Ownership of Certain Beneficial Owners and Management
    and Related Stockholder Matters |     |      | 33 | 
|Item 13.                                     |  | Certain Relationships and Related Transactions                                                     |     |      | 33 | 
|Item 14.                                     |  | Principal Accountant Fees and Services                                                             |     |      | 33 | 
|                                            
|PART IV                                     
|Item 15.                                     |  | Exhibits and Financial Statement Schedules                                                         |     |      | 33 | 
|                                             |  |                                                                                                    |     |      |    | 
|SIGNATURES                                   |  |                                                                                                    | 36  |     
|                                             |  |                                                                                                    |     |      |    | 
|FINANCIAL STATEMENTS                         |  |                                                                                                    | F-1 |     
|EXHIBITS                                     |  |                                                                                                    |     |      |    | 
|Amended and Restated 2001 Incentive Plan    
|Supplemental Compensation Plan              
|Form of Option Agreement                    
|Subsidiaries                                
|Consent of BDO Seidman, LLP                 
|Certification of CEO Pursuant to Section 302
|Certification of CFO Pursuant to Section 302
|Certification of CEO Pursuant to Section 906
|Certification of CFO Pursuant to Section 906



1



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##### Table of Contents






PART I







|        |         
|------- | --------
|Item 1. | Business

General


Game Informer








Disclosure Regarding Forward-looking Statements




2



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| |   |                                                                                                                               
| | - | ------------------------------------------------------------------------------------------------------------------------------
| |  | our reliance on suppliers and vendors for sufficient quantities
    of their products and for new product releases;           
|
| |  | economic conditions affecting the electronic game industry;                                                                   
|
| |  | the competitive environment in the electronic game industry;                                                                  
|
| |  | our ability to open and operate new stores;                                                                                   
|
| |  | our ability to attract and retain qualified personnel;                                                                        
|
| |  | our ability to successfully and efficiently transfer our
    headquarters and distribution center to our new
    facility; and
|
| |  | other factors described in this Form 10-K, including those
    set forth under the caption, Business  Risk
    Factors.    





Risk Factors






| |                              
| | -----------------------------
| | Risks Related to Our Business



| |                                                
| | -----------------------------------------------
| | We depend upon the timely delivery of products.





| |                                                                   
| | ------------------------------------------------------------------
| | We depend upon third parties to develop products and
    software.



3



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| |                                                                                               
| | ----------------------------------------------------------------------------------------------
| | Our ability to obtain favorable terms from our suppliers may
    impact our financial results.





| |                                                                                                                                       
| | --------------------------------------------------------------------------------------------------------------------------------------
| | The video game system and software product industries are
    cyclical, which could cause significant fluctuation in our
    earnings.





| |                                                                                                    
| | ---------------------------------------------------------------------------------------------------
| | An adverse trend in sales during the holiday selling season
    could impact our financial results.





| |                                                                                                                                   
| | ----------------------------------------------------------------------------------------------------------------------------------
| | Our results of operations may fluctuate from quarter to
    quarter, which could result in a lower price for our common
    stock.





| |   |                                            
| | - | -------------------------------------------
| |  | the timing of new product releases;        
|
| |  | the timing of new store openings; and      
|
| |  | shifts in the timing of certain promotions.





| |                                                                                                  
| | -------------------------------------------------------------------------------------------------
| | Our failure to effectively manage new store openings could
    lower our sales and profitability.



4



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| |   |                                                                                                                                               
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------
| |  | the ability to identify new store locations, negotiate suitable
    leases and build out the stores in a timely and cost efficient
    manner;
|
| |  | the ability to hire and train skilled associates;                                                                                             
|
| |  | the ability to integrate new stores into our existing
    operations; and                                                                     
|
| |  | the ability to increase sales at new store locations.                                                                                         





| |                                                                                                                                        
| | ---------------------------------------------------------------------------------------------------------------------------------------
| | If our management information systems fail to perform or are
    inadequate, our ability to manage our business could be
    disrupted.





| |                                                                                                                                                                   
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Our failure to successfully and efficiently transfer our
    headquarters and distribution center to our new facility could
    lower our sales and profitability.





| |                                                                                                                                      
| | -------------------------------------------------------------------------------------------------------------------------------------
| | Pressure from our competitors may force us to reduce our
    prices or increase spending, which could decrease our
    profitability.



5



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| |                                                                                           
| | ------------------------------------------------------------------------------------------
| | International events could delay or prevent the delivery of
    products to our suppliers.





| |                                                                                                           
| | ----------------------------------------------------------------------------------------------------------
| | If we are unable to renew or enter into new leases on
    favorable terms, our revenue growth may decline.





| |                                                                                                    
| | ---------------------------------------------------------------------------------------------------
| | The ability to download video games and play video games on
    the Internet could lower our sales.





| |                                                                                                         
| | --------------------------------------------------------------------------------------------------------
| | If we fail to keep pace with changing industry technology, we
    will be at a competitive disadvantage.





| |                                                                                 
| | --------------------------------------------------------------------------------
| | The terms of our credit facility could restrict our
    operational flexibility.







| |                                                                             
| | ----------------------------------------------------------------------------
| | We depend upon our key personnel and they would be difficult
    to replace.



6



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| |                                                                                                                                         
| | ----------------------------------------------------------------------------------------------------------------------------------------
| | We may engage in acquisitions which could negatively impact
    our business if we fail to successfully complete and integrate
    them.





| |                                                                                                                                                                                                                                                                          
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Legislative actions, higher director and officer insurance
    costs and potential new accounting pronouncements are likely to
    cause our general and administrative expenses to increase and
    impact our future financial condition and results of
    operations.





| |                                                                                                                                                                 
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------
| | The limited voting rights of our Class A common stock
    could impact its attractiveness to investors and its liquidity
    and, as a result, its market value.



Industry Background




New Video Game Products.




| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Hardware Platform Technology Evolution. Video game
    hardware has evolved significantly from the early products
    launched in the 1980s. The processing speed of video game
    hardware has increased from 8-bit speeds in the 1980s to 128-bit
    speeds in next-generation systems such as Sony
    PlayStation 2, launched in 2000, and Nintendo GameCube and
    Microsoft Xbox, which both launched in November 2001. In
    addition, portable handheld video game devices have evolved from
    the 8-bit Nintendo Game Boy to the 128-bit Nintendo DS, which
    was introduced in November 2004. Technological developments in
    both chip processing speed and data storage have provided
    significant improvements in

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| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   | advanced graphics and audio quality, which allow software
    developers to create more advanced games, encourage existing
    players to upgrade their hardware platforms and attract new
    video game players to purchase an initial system. As general
    computer technology advances, we expect video game technology to
    make similar advances.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|
| |  | Next-Generation Systems Provide Multiple Capabilities Beyond
    Gaming. Many next-generation hardware platforms, including
    Sony PlayStation 2 and Microsoft Xbox, utilize a DVD software
    format and have the potential to serve as multi-purpose
    entertainment centers by doubling as a player for DVD movies and
    compact discs. In addition, both Sony PlayStation 2 and
    Microsoft Xbox manufacture accessories which provide internet
    connectivity.                                                                                                                                                                                                                                                                                                                                                                                                              
|
| |  | Backward Compatibility. Sony PlayStation 2 and Nintendo
    DS are both backward compatible, meaning that titles produced
    for the earlier version of the hardware platform may be used on
    the new hardware platform. We believe that backward
    compatibility may result in more stable industry growth because
    the decrease in consumer demand for products associated with
    existing hardware platforms that typically precedes the release
    of next-generation hardware platforms may be diminished.                                                                                                                                                                                                                                                                                                                                                                 
|
| |  | Introduction of Next-Generation Hardware Platforms Drives
    Software Demand. Sales of video game software generally
    increase as next-generation platforms mature and gain wider
    acceptance. Historically, when a new platform is released, a
    limited number of compatible game titles are immediately
    available, but the selection grows rapidly as manufacturers and
    third-party publishers develop and release game titles for that
    new platform. For example, when Sony PlayStation 2 was released
    in October 2000, approximately 30 game titles were available for
    sale. By January 2003, over 450 game titles for the Sony
    PlayStation 2 platform were available for sale. Currently, there
    are over 850 game titles for the Sony PlayStation 2 platform
    available for sale.                                                             
|
| |  | Broadening Demographic Appeal. While the typical
    electronic game enthusiast is male between the ages of 14 and
    35, the electronic game industry is broadening its appeal. More
    females are playing electronic video games, in part due to the
    development of video game products that appeal to them.
    According to ESA, approximately 39% of all electronic game
    players are female. More adults are also playing video games as
    a portion of the population that played video games in their
    childhood continues to play and advance to the next-generation
    video game products. In addition, the availability of used video
    game products for sale has enabled a lower-economic demographic,
    that may not have been able to afford the considerably more
    expensive new video game products, to participate in the video
    game industry.

Used Video Game Market.


PC Entertainment Software.


8



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Business Strategy




Targeting a Broad Audience of Game Players.


Enhancing our Image as a Destination Location.


Offering the Largest Selection of Used Video Game
Products.


Building the GameStop Brand. Game
Informer


Providing a First-to-Market Distribution Network.


Investing in our Information Systems and Distribution
Capabilities.


9



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Growth Strategy


New Store Expansion.




Increase Comparable Store Sales.




| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Capitalize on Growth in Demand. Our sales of video game
    software grew by approximately 26% in fiscal 2003 and by an
    additional 22% in fiscal 2004. In fiscal 2003 and fiscal 2004,
    our comparable store sales increased 0.8% and 1.7%,
    respectively, driven in large measure by the success of Sony
    PlayStation 2, Microsoft Xbox, Nintendo GameCube and
    Nintendo DS, which was launched in November 2004. Comparable
    store sales increased a modest 1.7% in fiscal 2004, as declining
    video game hardware price points and hardware shortages offset
    the increase in video game software sales, which was fueled by
    the success of Grand Theft Auto: San Andreas, from Take-Two
    Interactive Software, Inc. and Halo 2 from Microsoft Corp.
    During fiscal 2003 and fiscal 2004, we capitalized on the growth
    in demand for video game software and accessories that followed
    the increases in the installed hardware base of these four video
    game platforms. Over the next few years, we expect to continue
    to capitalize on the increasing installed base for these
    platforms, the release in March 2005 of the Sony PSP, the
    anticipated release in late 2005 of the Microsoft Xbox 2,
    the anticipated release in 2006 of the Sony PlayStation 3 and
    the related growth in video game software and accessories sales.
|
| |  | Increase Sales of Used Video Game Products. We will
    continue to expand the selection and availability of used video
    game products in both our mall and strip center stores. Our
    strategy consists of increasing consumer awareness of the
    benefits of trading in and buying used video game products at
    our stores through increased marketing activities. We expect the
    continued growth of new platform technology to drive trade-ins
    of previous generation products, as well as next generation
    platforms, thereby expanding the supply of used video game
    products.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|
| |  | Increase GameStop Brand Awareness. We intend to increase
    customer awareness of the benefits of shopping in our stores. In
    connection with our brand-building efforts, in each of the last
    three fiscal years, we increased the amount of media advertising
    in targeted markets. In fiscal 2005, we plan to continue to
    increase media advertising, to expand our GameStop loyalty card
    program, to aggressively                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

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| |  |                                                                                                                  
| |  | -----------------------------------------------------------------------------------------------------------------
| |  | promote trade-ins of used video game products in our stores and
    to leverage our web site at www.gamestop.com.

Merchandise




Video Game Software.


Used Video Game Products.


Video Game Hardware.


PC Entertainment and Other Software.


Accessories and Other Products.


11



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|                                  |                        |                |   |    |                |  |   |    |  
|--------------------------------- | ---------------------- | -------------- | - | -- | -------------- |  | - | -- | -
|                                  |                        | 52 Weeks Ended |   |    | 52 Weeks Ended | 
|                                  |                        | January 29,    |   |    | January 31,    | 
|                                  |                        | 2005           |   |    | 2004           | 
|                                  |                        |                |   |    |                | 
|Video Games:*                     |                        |                |   |    |                |  |   |   
|                                  | Video Game Software    |                |   | 66 | %              |  |   | 63 | %
|                                  | Video Game Hardware    |                |   | 16 |                |  |   | 16 |  
|                                  | Video Game Accessories |                |   | 11 |                |  |   | 12 |  
|PC Software                       |                        |                | 5 |    |                |  | 6 |   
|PC Accessories and Other Products |                        |                | 2 |    |                |  | 3 |   






|  |                                   
|- | ----------------------------------
|* | Includes new and used merchandise.

Store Operations






| |              
| | -------------
| | Store Formats



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Strip Center Stores. Our strip center stores, which
    average approximately 1,600 square feet, carry a balanced
    mix of new and used video game products and PC entertainment
    software. As of January 29, 2005, we operated 1,310 strip
    center stores in the United States, Ireland, Northern Ireland
    and Puerto Rico. Our strip center stores are located in both
    high traffic power strip centers and local
    neighborhood strip centers, primarily in major metropolitan
    areas. These locations provide visibility, easy access and high
    frequency of visits. We target strip centers that are
    conveniently located, have a mass merchant or supermarket anchor
    tenant and have a high volume of customers.
|
| |  | Mall-Based Stores. Our mall-based stores, which average
    approximately 1,200 square feet, carry primarily new video
    game products and PC entertainment software, as well as used
    video game products. As of January 29, 2005, we operated
    516 mall stores in high traffic shopping malls in targeted
    locations throughout the United States, Puerto Rico and Guam.                                                                                                                                                                                                                                                                                                                                                                  

Site Selection and Locations


Site Selection.


Locations.


|           |  |           |     | 
|---------- |  | --------- | --- | 
|           |  | Number    |    
|State      |  | of Stores |    
|           |  |           |    
|Alabama    |  |           | 27  | 
|Alaska     |  |           | 3   | 
|Arizona    |  |           | 34  | 
|Arkansas   |  |           | 11  | 
|California |  |           | 206 | 

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|                     |  |           |     | 
|-------------------- |  | --------- | --- | 
|                     |  | Number    |    
|State                |  | of Stores |    
|                     |  |           |    
|Colorado             |  |           | 28  | 
|Connecticut          |  |           | 21  | 
|Delaware             |  |           | 8   | 
|District of Columbia |  |           | 1   | 
|Florida              |  |           | 79  | 
|Georgia              |  |           | 45  | 
|Guam                 |  |           | 2   | 
|Hawaii               |  |           | 13  | 
|Idaho                |  |           | 3   | 
|Illinois             |  |           | 94  | 
|Indiana              |  |           | 25  | 
|Iowa                 |  |           | 20  | 
|Kansas               |  |           | 14  | 
|Kentucky             |  |           | 18  | 
|Louisiana            |  |           | 25  | 
|Maine                |  |           | 3   | 
|Maryland             |  |           | 46  | 
|Massachusetts        |  |           | 31  | 
|Michigan             |  |           | 66  | 
|Minnesota            |  |           | 32  | 
|Mississippi          |  |           | 17  | 
|Missouri             |  |           | 34  | 
|Montana              |  |           | 6   | 
|Nebraska             |  |           | 7   | 
|Nevada               |  |           | 18  | 
|New Hampshire        |  |           | 10  | 
|New Jersey           |  |           | 75  | 
|New Mexico           |  |           | 15  | 
|New York             |  |           | 89  | 
|North Carolina       |  |           | 39  | 
|North Dakota         |  |           | 6   | 
|Ohio                 |  |           | 83  | 
|Oklahoma             |  |           | 23  | 
|Oregon               |  |           | 15  | 
|Pennsylvania         |  |           | 84  | 
|Puerto Rico          |  |           | 15  | 
|Rhode Island         |  |           | 5   | 
|South Carolina       |  |           | 20  | 
|South Dakota         |  |           | 3   | 
|Tennessee            |  |           | 30  | 
|Texas                |  |           | 204 | 
|Utah                 |  |           | 21  | 
|Vermont              |  |           | 1   | 
|Virginia             |  |           | 50  | 

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|                 |  |           |       | 
|---------------- |  | --------- | ----- | 
|                 |  | Number    |      
|State            |  | of Stores |      
|                 |  |           |      
|Washington       |  |           | 43    | 
|West Virginia    |  |           | 11    | 
|Wisconsin        |  |           | 21    | 
|Wyoming          |  |           | 1     | 
|                 |  |           |      
|                 |  |           | 1,801 | 
|Ireland          |  |           | 22    | 
|Northern Ireland |  |           | 3     | 
|                 |  |           |      
|                 |  |           | 1,826 | 
|                 |  |           |      

Game Informer


Game Informer Game
Informer th Game Informer Game Informer


E-Commerce




Advertising


Game Informer




14



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Information Management




Distribution.


Management Information Systems.




Field Management and Staff






15



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Customer Service




Vendors




Competition




Seasonality




Trademarks




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Employees




Available Information









|        |           
|------- | ----------
|Item 2. | Properties





|                                          |  |           |       | 
|----------------------------------------- |  | --------- | ----- | 
|                                          |  | Number    |      
|Lease Terms to Expire During              |  | of Stores |      
|                                          |  |           |      
|(12 Months Ending on or About January 31) |  |          
|Expired and in negotiations               |  |           | 139   | 
|2006                                      |  |           | 186   | 
|2007                                      |  |           | 174   | 
|2008                                      |  |           | 132   | 
|2009                                      |  |           | 169   | 
|2010 and later                            |  |           | 1,026 | 
|                                          |  |           |      
|                                          |  |           | 1,826 | 
|                                          |  |           |      





Game
Informer




17



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|        |                  
|------- | -----------------
|Item 3. | Legal Proceedings














|        |                                                    
|------- | ---------------------------------------------------
|Item 4. | Submission of Matters to a Vote of Security Holders






PART II







|        |                                                                                                                     
|------- | --------------------------------------------------------------------------------------------------------------------
|Item 5. | Market For Registrants Common Equity, Related
    Stockholder Matters and Issuer Purchases of Equity
    Securities

Price Range of Common Stock




18



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|               |  |             |       |  |     |   |       | 
|-------------- |  | ----------- | ----- |  | --- | - | ----- | 
|               |  | Fiscal 2004 |      
|               |  |             |      
|               |  | High        |       |  | Low |  
|               |  |             |       |  |     |  
|Fourth Quarter |  | $           | 23.50 |  |     | $ | 18.68 | 
|Third Quarter  |  | $           | 20.23 |  |     | $ | 14.87 | 
|Second Quarter |  | $           | 18.18 |  |     | $ | 14.54 | 
|First Quarter  |  | $           | 18.65 |  |     | $ | 16.29 | 

|               |  |             |       |  |     |   |       | 
|-------------- |  | ----------- | ----- |  | --- | - | ----- | 
|               |  | Fiscal 2003 |      
|               |  |             |      
|               |  | High        |       |  | Low |  
|               |  |             |       |  |     |  
|Fourth Quarter |  | $           | 18.57 |  |     | $ | 14.30 | 
|Third Quarter  |  | $           | 18.92 |  |     | $ | 12.66 | 
|Second Quarter |  | $           | 14.85 |  |     | $ | 11.55 | 
|First Quarter  |  | $           | 13.00 |  |     | $ | 7.59  | 



|                                        |  |             |       |  |     |   |       | 
|--------------------------------------- |  | ----------- | ----- |  | --- | - | ----- | 
|                                        |  | Fiscal 2004 |      
|                                        |  |             |      
|                                        |  | High        |       |  | Low |  
|                                        |  |             |       |  |     |  
|Fourth Quarter (from November 12, 2004) |  | $           | 24.00 |  |     | $ | 18.75 | 

Approximate Number of Holders of Common Equity




Dividends




19



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Securities Authorized for Issuance under Equity Compensation
Plans




|                                                           |  |                         |            |                  |                   |                         |                       |                         |  |  |           | 
|---------------------------------------------------------- |  | ----------------------- | ---------- | ---------------- | ----------------- | ----------------------- | --------------------- | ----------------------- |  |  | --------- | 
|                                                           |  |                         |            |                  |                   | Number of Securities    |                      
|                                                           |  |                         |            |                  |                   | Remaining Available for |                      
|                                                           |  |                         |            | Weighted-Average |                   |                         | Future Issuance Under |                        
|                                                           |  | Number of Securities to |            |                  | Exercise Price of |                         |                       | Equity Compensation     | 
|                                                           |  | be Issued Upon Exercise |            |                  | Outstanding       |                         |                       | Plans (Excluding        | 
|                                                           |  | of Outstanding Options, |            |                  | Options, Warrants |                         |                       | Securities Reflected in | 
|                                                           |  | Warrants and Rights     |            |                  | and Rights        |                         |                       | Column (a))             | 
|Plan Category                                              |  | (a)                     |            |                  | (b)               |                         |                       | (c)                     | 
|                                                           |  |                         |            |                  |                   |                         |                       |                         | 
|Equity compensation plans approved by security holders     |  |                         | 11,406,000 |                  |                   | $                       | 10.86                 |                         |  |  | 5,168,000 | 
|Equity compensation plans not approved by security holders |  |                         | 0          |                  |                   |                         | not applicable        |                         |  |  | 0         | 
|                                                           |  |                         |            |                  |                   |                         |                       |                         | 
|Total                                                      |  |                         | 11,406,000 |                  |                   | $                       | 10.86                 |                         |  |  | 5,168,000 | 
|                                                           |  |                         |            |                  |                   |                         |                       |                         | 



Purchases of Equity Securities by the Issuer and Affiliated
Purchasers









|        |                                     
|------- | ------------------------------------
|Item 6. | Selected Consolidated Financial Data



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|                                                                                                       |  |                                                          |           |   |             |   |           |             |  |   |             |   |  |             |           |   |  |   |         |   
|------------------------------------------------------------------------------------------------------ |  | -------------------------------------------------------- | --------- | - | ----------- | - | --------- | ----------- |  | - | ----------- | - |  | ----------- | --------- | - |  | - | ------- | --
|                                                                                                       |  | Fiscal Year                                              |           |   | Fiscal Year |   |           | Fiscal Year |  |   | Fiscal Year |   |  | Fiscal Year |          
|                                                                                                       |  | Ended                                                    |           |   | Ended       |   |           | Ended       |  |   | Ended       |   |  | Ended       |          
|                                                                                                       |  | January 29,                                              |           |   | January 31, |   |           | February 1, |  |   | February 2, |   |  | February 3, |          
|                                                                                                       |  | 2005                                                     |           |   | 2004        |   |           | 2003        |  |   | 2002        |   |  | 2001        |          
|                                                                                                       |  |                                                          |           |   |             |   |           |             |  |   |             |   |  |             |          
|                                                                                                       |  | In Thousands, except per share data and statistical data |          
|Statement of Operations Data:                                                                          |  |                                                          |           |   |             |   |           |             |  |   |             |   |  |             |           |   |  |   |         |   
|Sales                                                                                                  |  | $                                                        | 1,842,806 |   |             | $ | 1,578,838 |             |  | $ | 1,352,791   |   |  | $           | 1,121,138 |   |  | $ | 756,697 |   
|Cost of sales                                                                                          |  |                                                          | 1,328,611 |   |             |   | 1,142,264 |             |  |   | 1,009,491   |   |  |             | 854,035   |   |  |   | 570,995 |   
|                                                                                                       |  |                                                          |           |   |             |   |           |             |  |   |             |   |  |             |          
|Gross profit                                                                                           |  |                                                          | 514,195   |   |             |   | 436,574   |             |  |   | 343,300     |   |  |             | 267,103   |   |  |   | 185,702 |   
|Selling, general and administrative expenses(1)(2)                                                     |  |                                                          | 378,029   |   |             |   | 302,703   |             |  |   | 233,075     |   |  |             | 202,041   |   |  |   | 157,242 |   
|Depreciation and amortization(1)(2)                                                                    |  |                                                          | 37,019    |   |             |   | 29,487    |             |  |   | 23,154      |   |  |             | 19,850    |   |  |   | 13,623  |   
|Amortization of goodwill                                                                               |  |                                                          |          |   |             |   |          |             |  |   |            |   |  |             | 11,125    |   |  |   | 9,223   |   
|                                                                                                       |  |                                                          |           |   |             |   |           |             |  |   |             |   |  |             |          
|Operating earnings                                                                                     |  |                                                          | 99,147    |   |             |   | 104,384   |             |  |   | 87,071      |   |  |             | 34,087    |   |  |   | 5,614   |   
|Interest expense (income), net                                                                         |  |                                                          | 236       |   |             |   | (804      | )           |  |   | (630        | ) |  |             | 19,452    |   |  |   | 23,411  |   
|                                                                                                       |  |                                                          |           |   |             |   |           |             |  |   |             |   |  |             |          
|Earnings (loss) before income taxes                                                                    |  |                                                          | 98,911    |   |             |   | 105,188   |             |  |   | 87,701      |   |  |             | 14,635    |   |  |   | (17,797 | ) 
|Income tax expense (benefit)                                                                           |  |                                                          | 37,985    |   |             |   | 41,721    |             |  |   | 35,297      |   |  |             | 7,675     |   |  |   | (5,836  | ) 
|                                                                                                       |  |                                                          |           |   |             |   |           |             |  |   |             |   |  |             |          
|Net earnings (loss)                                                                                    |  | $                                                        | 60,926    |   |             | $ | 63,467    |             |  | $ | 52,404      |   |  | $           | 6,960     |   |  | $ | (11,961 | ) 
|                                                                                                       |  |                                                          |           |   |             |   |           |             |  |   |             |   |  |             |          
|Net earnings (loss) per share   basic                                                                 |  | $                                                        | 1.11      |   |             | $ | 1.13      |             |  | $ | 0.93        |   |  | $           | 0.19      |   |  | $ | (0.33   | ) 
|                                                                                                       |  |                                                          |           |   |             |   |           |             |  |   |             |   |  |             |          
|Weighted average shares outstanding   basic                                                           |  |                                                          | 54,662    |   |             |   | 56,330    |             |  |   | 56,289      |   |  |             | 36,009    |   |  |   | 36,009  |   
|                                                                                                       |  |                                                          |           |   |             |   |           |             |  |   |             |   |  |             |          
|Net earnings (loss) per share  diluted                                                                |  | $                                                        | 1.05      |   |             | $ | 1.06      |             |  | $ | 0.87        |   |  | $           | 0.18      |   |  | $ | (0.33   | ) 
|                                                                                                       |  |                                                          |           |   |             |   |           |             |  |   |             |   |  |             |          
|Weighted average shares outstanding   diluted                                                         |  |                                                          | 57,796    |   |             |   | 59,764    |             |  |   | 60,419      |   |  |             | 39,397    |   |  |   | 36,009  |   
|                                                                                                       |  |                                                          |           |   |             |   |           |             |  |   |             |   |  |             |          
|Other Financial Data:                                                                                  |  |                                                          |           |   |             |   |           |             |  |   |             |   |  |             |           |   |  |   |         |   
|Net earnings (loss) excluding the after-tax effect of goodwill
    amortization(3)                     |  | $                                                        | 60,926    |   |             | $ | 63,467    |             |  | $ | 52,404      |   |  | $           | 15,373    |   |  | $ | (5,212  | ) 
|Net earnings (loss) per share excluding the after-tax effect of
    goodwill amortization  diluted(3) |  | $                                                        | 1.05      |   |             | $ | 1.06      |             |  | $ | 0.87        |   |  | $           | 0.39      |   |  | $ | (0.14   | ) 
|Store Operating Data:                                                                                  |  |                                                          |           |   |             |   |           |             |  |   |             |   |  |             |           |   |  |   |         |   
|Stores open at the end of period                                                                       |  |                                                          | 1,826     |   |             |   | 1,514     |             |  |   | 1,231       |   |  |             | 1,038     |   |  |   | 978     |   
|Comparable store sales increase (decrease)(4)                                                          |  |                                                          | 1.7       | % |             |   | 0.8       | %           |  |   | 11.4        | % |  |             | 32.0      | % |  |   | (6.7    | )%
|Inventory turnover                                                                                     |  |                                                          | 5.4       |   |             |   | 4.9       |             |  |   | 4.9         |   |  |             | 5.2       |   |  |   | 4.6     |   
|Balance Sheet Data:                                                                                    |  |                                                          |           |   |             |   |           |             |  |   |             |   |  |             |           |   |  |   |         |   
|Working capital (deficit)                                                                              |  | $                                                        | 110,093   |   |             | $ | 188,378   |             |  | $ | 174,482     |   |  | $           | 31,107    |   |  | $ | (1,726  | ) 
|Total assets(1)(2)                                                                                     |  |                                                          | 914,983   |   |             |   | 902,189   |             |  |   | 806,237     |   |  |             | 608,674   |   |  |   | 511,504 |   
|Total debt                                                                                             |  |                                                          | 36,520    |   |             |   |          |             |  |   |            |   |  |             | 399,623   |   |  |   | 385,148 |   
|Total liabilities(1)(2)                                                                                |  |                                                          | 371,972   |   |             |   | 308,156   |             |  |   | 257,562     |   |  |             | 612,659   |   |  |   | 532,114 |   
|Stockholders equity (deficit)                                                                         |  |                                                          | 543,011   |   |             |   | 594,033   |             |  |   | 548,675     |   |  |             | (3,985    | ) |  |   | (20,610 | ) 






|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | In 2004, we revised our method of accounting for rent expense to
    conform to GAAP, as recently clarified by the Chief Accountant
    of the SEC in a February 7, 2005 letter to the American
    Institute of Certified Public Accountants. A non-cash, after-tax
    adjustment of $3,312 was made in the fourth quarter of fiscal
    2004 to correct the method of accounting for rent expense (and
    related deferred rent liability) to include the impact of
    escalating rents for periods in which we are reasonably assured
    of exercising lease options and to include any rent
    holiday period (a period during which the Company is not
    obligated to pay rent) the lease allows while the store is being
    constructed. We also corrected our calculation of depreciation
    expense for leasehold improvements for those leases which do not
    include an option period.

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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    | The impact of these corrections on periods prior to fiscal 2004
    was not material and the adjustment does not affect historical
    or future cash flows or the timing of payments under related
    leases. See Note 1 of Notes to Consolidated Financial
    Statements of the Company for additional information
    concerning lease accounting.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   
|(2) | In 2004, the Company changed its classification of tenant
    improvement allowances on the balance sheets, statement of
    operations and statements of cash flows. The Company
    historically classified tenant improvement allowances as
    reductions of property and equipment on the Companys
    balance sheets and as reductions in depreciation and
    amortization in the Companys statements of operations. In
    order to comply with the provisions of FASB Technical
    Bulletin No. 88-1, Issues Relating to Accounting
    for Leases (FTB 88-1), however, the Company
    has reclassified tenant improvement allowances as deferred rent
    liabilities (in other long-term liabilities) on the
    Companys balance sheets and as a reduction of rent expense
    (in selling, general and administrative expenses) in the
    statements of operations. The effect of this reclassification
    increased total assets and total liabilities on the
    Companys balance sheets by $4,671 as of January 29,
    2005, $3,265 as of January 31, 2004, $2,328 as of
    February 1, 2003, $1,831 as of February 2, 2002 and
    $1,747 as of February 3, 2001 and decreased selling,
    general and administrative expense and increased depreciation
    expense in the Companys statements of operations by $671,
    $540, $601, $678 and $649 in fiscal 2004, 2003, 2002, 2001 and
    2000, respectively. Note 1 of Notes to Consolidated
    Financial Statements of the Company provides additional
    information concerning lease accounting.
|   
|(3) | Net earnings (loss) excluding the after-tax effect of goodwill
    amortization is presented here to provide additional information
    about our operations. These items should be considered in
    addition to, but not as a substitute for or superior to,
    operating earnings, net earnings, cash flow and other measures
    of financial performance prepared in accordance with GAAP.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   
|(4) | Stores are included in our comparable store sales base beginning
    in the 13th month of operation. Comparable store sales for
    the fiscal year ended February 3, 2001 were computed using
    the first 52 weeks of the 53 week fiscal year.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            






|        |                                                                                          
|------- | -----------------------------------------------------------------------------------------
|Item 7. | Managements Discussion and Analysis of Financial
    Condition and Results of Operations

The following discussion should be read in conjunction with
the information contained in our consolidated financial
statements, including the notes thereto. Statements regarding
future economic performance, managements plans and
objectives, and any statements concerning assumptions related to
the foregoing contained in Managements Discussion and
Analysis of Financial Condition and Results of Operations
constitute forward-looking statements. Certain factors, which
may cause actual results to vary materially from these
forward-looking statements, accompany such statements or appear
elsewhere in this Form 10-K, including the factors
disclosed under Business  Risk
Factors.


General


Game Informer






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Critical Accounting Policies




Use of Estimates.


Revenue Recognition.


Merchandise Inventories.


Property and Equipment.


23



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Goodwill.


Cash Consideration Received from Vendors.


Lease Accounting.


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Results of Operations




|                                             |  |             |       |   |             |  |       |             |  |  |       |  
|-------------------------------------------- |  | ----------- | ----- | - | ----------- |  | ----- | ----------- |  |  | ----- | -
|                                             |  | Fiscal Year |       |   | Fiscal Year |  |       | Fiscal Year | 
|                                             |  | Ended       |       |   | Ended       |  |       | Ended       | 
|                                             |  | January 29, |       |   | January 31, |  |       | February 1, | 
|                                             |  | 2005        |       |   | 2004        |  |       | 2003        | 
|                                             |  |             |       |   |             |  |       |             | 
|Statement of Operations Data:                |  |             |       |   |             |  |       |             |  |  |       |  
|Sales                                        |  |             | 100.0 | % |             |  | 100.0 | %           |  |  | 100.0 | %
|Cost of sales                                |  |             | 72.1  |   |             |  | 72.4  |             |  |  | 74.6  |  
|                                             |  |             |       |   |             |  |       |             | 
|Gross profit                                 |  |             | 27.9  |   |             |  | 27.6  |             |  |  | 25.4  |  
|Selling, general and administrative expenses |  |             | 20.5  |   |             |  | 19.2  |             |  |  | 17.3  |  
|Depreciation and amortization                |  |             | 2.0   |   |             |  | 1.8   |             |  |  | 1.7   |  
|                                             |  |             |       |   |             |  |       |             | 
|Operating earnings                           |  |             | 5.4   |   |             |  | 6.6   |             |  |  | 6.4   |  
|Interest expense (income), net               |  |             | 0.0   |   |             |  | 0.0   |             |  |  | (0.1  | )
|                                             |  |             |       |   |             |  |       |             | 
|Earnings before income taxes                 |  |             | 5.4   |   |             |  | 6.6   |             |  |  | 6.5   |  
|Income tax expense                           |  |             | 2.1   |   |             |  | 2.6   |             |  |  | 2.6   |  
|                                             |  |             |       |   |             |  |       |             | 
|Net earnings                                 |  |             | 3.3   | % |             |  | 4.0   | %           |  |  | 3.9   | %
|                                             |  |             |       |   |             |  |       |             | 





| |                                    
| | -----------------------------------
| | Fiscal 2004 Compared to Fiscal 2003





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| |                                    
| | -----------------------------------
| | Fiscal 2003 Compared to Fiscal 2002





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Liquidity and Capital Resources








28



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Contractual Obligations




|                        |  |                        |       |           |        |   |      |           |           |   |           |  |  |         |      |  |  |   |       | 
|----------------------- |  | ---------------------- | ----- | --------- | ------ | - | ---- | --------- | --------- | - | --------- |  |  | ------- | ---- |  |  | - | ----- | 
|                        |  | Payments Due by Period |      
|                        |  |                        |      
|                        |  |                        |       | Less Than |        |   |      |           | More Than |  
|Contractual Obligations |  | Total                  |       |           | 1 Year |   |      | 1-3 Years |           |   | 3-5 Years |  |  | 5 Years |     
|                        |  |                        |       |           |        |   |      |           |           |   |           |  |  |         |     
|                        |  | In millions            |      
|Long-Term Debt(1)       |  | $                      | 36.5  |           |        | $ | 12.2 |           |           | $ | 24.3      |  |  | $       |     |  |  | $ |      | 
|Operating Leases        |  | $                      | 444.4 |           |        | $ | 70.0 |           |           | $ | 120.9     |  |  | $       | 98.9 |  |  | $ | 154.6 | 
|                        |  |                        |       |           |        |   |      |           |           |   |           |  |  |         |     
|Total                   |  | $                      | 480.9 |           |        | $ | 82.2 |           |           | $ | 145.2     |  |  | $       | 98.9 |  |  | $ | 154.6 | 
|                        |  |                        |       |           |        |   |      |           |           |   |           |  |  |         |     






|    |                                                                                                                                                                                           
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | The long-term debt bears interest at 5.5%, which will result in
    additional obligations of approximately $2.0 million in
    less than one year and $2.0 million in one to three years.





Off-Balance Sheet Arrangements




Impact of Inflation




Certain Relationships and Related Transactions






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Recent Accounting Pronouncements


Share-Based
Payment


Seasonality









|         |                                                               
|-------- | --------------------------------------------------------------
|Item 7A. | Quantitative and Qualitative Disclosures About Market
    Risk

Interest Rate Exposure




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Foreign Exchange Exposure









|        |                                            
|------- | -------------------------------------------
|Item 8. | Financial Statements and Supplementary Data








|        |                                                                                         
|------- | ----------------------------------------------------------------------------------------
|Item 9. | Changes in and Disagreements with Accountants on
    Accounting and Financial Disclosure








|         |                        
|-------- | -----------------------
|Item 9A. | Controls and Procedures



| |     |                                                 
| | --- | ------------------------------------------------
| | (a) | Evaluation of Disclosure Controls and Procedures





Internal Control 
Integrated Framework Internal
Control  Integrated Framework











PART III







|         |                                                          
|-------- | ---------------------------------------------------------
|Item 10. | Directors and Executive Officers of the
    Registrant(*)

Code of Ethics




32



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|         |                          
|-------- | -------------------------
|Item 11. | Executive Compensation(*)






|         |                                                                                                      
|-------- | -----------------------------------------------------------------------------------------------------
|Item 12. | Security Ownership of Certain Beneficial Owners and
    Management and Related Stockholder Matters(*)






|         |                                                  
|-------- | -------------------------------------------------
|Item 13. | Certain Relationships and Related Transactions(*)






|         |                                          
|-------- | -----------------------------------------
|Item 14. | Principal Accountant Fees and Services(*)






|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(*) | The information not otherwise provided herein that is required
    by Items 10, 11, 12, 13 and 14 will be set forth in
    the definitive proxy statement relating to the 2005 Annual
    Meeting of Stockholders of the Company, which is to be filed
    with the SEC pursuant to Regulation 14A under the
    Securities Exchange Act of 1934, as amended. This definitive
    proxy statement relates to a meeting of stockholders involving
    the election of directors and the portions therefrom required to
    be set forth in this Form 10-K by Items 10, 11,
    12, 13 and 14 are incorporated herein by reference pursuant to
    General Instruction G(3) to Form 10-K.




PART IV







|         |                                           
|-------- | ------------------------------------------
|Item 15. | Exhibits and Financial Statement Schedules





| |                                                
| | -----------------------------------------------
| | (1) Index and Consolidated Financial Statements





| |                                                                                   
| | ----------------------------------------------------------------------------------
| | (2) Financial Statement Schedules required to be filed
    by Item 8 of this form:



Schedule II  Valuation and Qualifying
Accounts




|                                                |  |                |        |  |            |                  |        |           |  |   |            |  |  |            |        |  |  |   |        | 
|----------------------------------------------- |  | -------------- | ------ |  | ---------- | ---------------- | ------ | --------- |  | - | ---------- |  |  | ---------- | ------ |  |  | - | ------ | 
|                                                |  |                |        |  |            | Charged to Other |        |           |  |   |           
|                                                |  | Balance at     |        |  | Charged to |                  |        | Accounts- |  |   | Write-Offs |  |  | Balance at |       
|                                                |  | Beginning      |        |  | Costs and  |                  |        | Accounts  |  |   | Net of     |  |  | End of     |       
|                                                |  | of Period      |        |  | Expenses   |                  |        | Payable   |  |   | Recoveries |  |  | Period     |       
|                                                |  |                |        |  |            |                  |        |           |  |   |            |  |  |            |       
|                                                |  | (In thousands) |       
|Inventory Reserve, deducted from asset accounts |  |                |        |  |            |                  |        |           |  |   |            |  |  |            |        |  |  |   |        | 
|52 Weeks Ended January 29, 2005                 |  | $              | 12,274 |  |            | $                | 17,808 |           |  | $ | 9,856      |  |  | $          | 25,134 |  |  | $ | 14,804 | 
|52 Weeks Ended January 31, 2004                 |  |                | 11,797 |  |            |                  | 12,901 |           |  |   | 10,899     |  |  |            | 23,323 |  |  |   | 12,274 | 
|52 Weeks Ended February 1, 2003                 |  |                | 10,400 |  |            |                  | 14,071 |           |  |   | 10,214     |  |  |            | 22,888 |  |  |   | 11,797 | 

33



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Exhibits




|        |    |             |  |                                                                                                                                                                                                             
|------- | -- | ----------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |            
|Number  |    | Description
|        |    |            
|        | 3  | .1          |  | Amended and Restated Certificate of Incorporation.(1)                                                                                                                                                       
|       
|        | 3  | .2          |  | Bylaws.(1)                                                                                                                                                                                                  
|       
|        | 3  | .3          |  | Certificate of Designation of Preferences and Rights of
    Preferred Stock, Series A of the Company.(2)                                                                                                    
|       
|        | 4  | .1          |  | Rights Agreement, dated October 25, 2004, between the
    Company and The Bank of New York, as Rights Agent.(2)                                                                                             
|       
|        | 10 | .1          |  | Separation Agreement, dated as of January 1, 2002, between
    Barnes & Noble and GameStop Corp.(3)                                                                                                         
|       
|        | 10 | .2          |  | Tax Disaffiliation Agreement, dated as of January 1, 2002,
    between Barnes & Noble and GameStop Corp.(1)                                                                                                 
|       
|        | 10 | .3          |  | Insurance Agreement, dated as of January 1, 2002, between
    Barnes & Noble and GameStop Corp.(1)                                                                                                          
|       
|        | 10 | .4          |  | Operating Agreement, dated as of January 1, 2002, between
    Barnes & Noble and GameStop Corp.(1)                                                                                                          
|       
|        | 10 | .5          |  | Amended and Restated 2001 Incentive Plan.                                                                                                                                                                   
|       
|        | 10 | .6          |  | Supplemental Compensation Plan.                                                                                                                                                                             
|       
|        | 10 | .7          |  | Form of Option Agreement.                                                                                                                                                                                   
|       
|        | 10 | .8          |  | Lease, dated as of March 6, 1997, between RREEF Mid-Cities
    Industrial L.P. and Babbages Etc. LLC.(1)                                                                                                   
|       
|        | 10 | .9          |  | First Amendment to Lease, dated as of December 30, 1999,
    between RREEF Mid-Cities Industrial L.P. and Babbages Etc.
    LLC.(1)                                                                        
|       
|        | 10 | .10         |  | Amended and Restated Credit Agreement, dated as of June 21,
    2004.(4)                                                                                                                                    
|       
|        | 10 | .11         |  | Amended and Restated Security Agreement, dated as of
    June 21, 2004.(4)                                                                                                                                  
|       
|        | 10 | .12         |  | Amended and Restated Securities Collateral Pledge Agreement,
    dated as of June 21, 2004, between GameStop Corp. and Fleet
    Retail Group, Inc., as Administrative Agent.(4)                            
|       
|        | 10 | .13         |  | Amended and Restated Securities Collateral Pledge Agreement,
    dated as of June 21, 2004, between GameStop, Inc. and Fleet
    Retail Group, Inc., as Administrative Agent.(4)                            
|       
|        | 10 | .14         |  | Securities Collateral Pledge Agreement, dated as of
    June 21, 2004, between GameStop of Texas (GP), LLC and
    Fleet Retail Group, Inc., as Administrative Agent.(4)                                    
|       
|        | 10 | .15         |  | Securities Collateral Pledge Agreement, dated as of
    June 21, 2004, between GameStop (LP), LLC and Fleet Retail
    Group, Inc., as Administrative Agent.(4)                                             
|       
|        | 10 | .16         |  | Amended and Restated Patent and Trademark Securities Agreement,
    dated as of June 21, 2004.(4)                                                                                                           
|       
|        | 10 | .17         |  | Stock Purchase Agreement, dated as of October 1, 2004, by
    and among the Company, B&N Gamestop Holding Corp. and
    Barnes & Noble.(5)                                                                  
|       
|        | 10 | .18         |  | Promissory Note, dated as of October 1, 2004, made by the
    Company in favor of B&N GameStop Holding Corp.(5)                                                                                             
|       
|        | 14 | .1          |  | Code of Ethics for Senior Financial Officers.(6)                                                                                                                                                            
|       
|        | 21 | .1          |  | Subsidiaries.                                                                                                                                                                                               
|       
|        | 23 | .1          |  | Consent of BDO Seidman, LLP                                                                                                                                                                                 
|       
|        | 31 | .1          |  | Certification of Chief Executive Officer pursuant to
    Rule 13a-14(a)/15(d)-14(a) under the Securities Exchange
    Act of 1934, as adopted pursuant to Section 302 of the
    Sarbanes-Oxley Act of 2002.

34



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##### Table of Contents



|        |    |    |             |                                                                                                                                                                                                                            
|------- | -- | -- | ----------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |    |            
|Number  |    |    | Description
|        |    |    |            
|        | 31 | .2 |             | Certification of Chief Financial Officer pursuant to
    Rule 13a-14(a)/15(d)-14(a) under the Securities Exchange
    Act of 1934, as adopted pursuant to Section 302 of the
    Sarbanes-Oxley Act of 2002.               
|       
|        | 32 | .1 |             | Certification of Chief Executive Officer pursuant to
    Rule 13a-14(b) under the Securities Exchange Act of 1934
    and 18 U.S.C. Section 1350, as adopted pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002.
|       
|        | 32 | .2 |             | Certification of Chief Financial Officer pursuant to
    Rule 13a-14(b) under the Securities Exchange Act of 1934
    and 18 U.S.C. Section 1350, as adopted pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002.






|    |                                                                                                                                                                                       
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Incorporated by reference to the Registrants Amendment
    No. 3 to Form S-1 filed with the Securities and
    Exchange Commission on January 24, 2002 (No. 333-68294).              
|   
|(2) | Incorporated by reference to the Registrants Form 8-K
    filed with the Securities and Exchange Commission on
    October 28, 2004.                                                 
|   
|(3) | Incorporated by reference to the Registrants Amendment
    No. 4 to Form S-1 filed with the Securities and
    Exchange Commission on February 5, 2002 (No. 333-68294).              
|   
|(4) | Incorporated by reference to the Registrants
    Form 10-Q for the fiscal quarter ended July 31, 2004
    filed with the Securities and Exchange Commission on
    September 7, 2004.
|   
|(5) | Incorporated by reference to the Registrants Form 8-K
    filed with the Securities and Exchange Commission on
    October 5, 2004.                                                  
|   
|(6) | Incorporated by reference to the Registrants
    Form 10-K for the fiscal year ended January 31, 2004
    filed with the Securities and Exchange Commission on
    April 14, 2004.   

35



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##### Table of Contents






SIGNATURES






| |               
| | --------------
| | GAMESTOP CORP.



| |     |                        
| | --- | -----------------------
| | By: | /s/ R. Richard Fontaine

| |                          
| | -------------------------
| |                          
| | R. Richard Fontaine      
| | Chairman of the Board and
| | Chief Executive Officer  





|                                                       |  |                                                                                                                            |  |                |  | 
|------------------------------------------------------ |  | -------------------------------------------------------------------------------------------------------------------------- |  | -------------- |  | 
|Name                                                   |  | Capacity                                                                                                                   |  | Date          
|                                                       |  |                                                                                                                            |  |               
|                                                      
|/s/ R. Richard FontaineR.
    Richard Fontaine         |  | Chairman of the Board, Chief Executive Officer and Director
    (Principal Executive Officer)                              |  | April 11, 2005
|                                                      
|/s/ David W. CarlsonDavid
    W. Carlson               |  | Executive Vice President, Chief Financial Officer and Assistant
    Secretary (Principal Accounting and Financial Officer) |  | April 11, 2005
|                                                      
|/s/ Daniel A. DeMatteoDaniel
    A. DeMatteo           |  | Vice Chairman and Chief Operating Officer and Director                                                                     |  | April 11, 2005
|                                                      
|/s/ Michael N. RosenMichael
    N. Rosen               |  | Secretary and Director                                                                                                     |  | April 11, 2005
|                                                      
|/s/ Leonard RiggioLeonard
    Riggio                   |  | Director                                                                                                                   |  | April 11, 2005
|                                                      
|/s/ Stephanie M. ShernStephanie
    M. Shern           |  | Director                                                                                                                   |  | April 11, 2005
|                                                      
|/s/ Edward A. VolkweinEdward
    A. Volkwein           |  | Director                                                                                                                   |  | April 11, 2005
|                                                      
|/s/ Gerald R.
    SzczepanskiGerald
    R. Szczepanski |  | Director                                                                                                                   |  | April 11, 2005

36



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##### Table of Contents






INDEX TO CONSOLIDATED FINANCIAL STATEMENTS


|                                                             |                                                |      |     |     | 
|------------------------------------------------------------ | ---------------------------------------------- | ---- | --- | --- | 
|                                                             |                                                | Page |    
|                                                             |                                                |      |    
|GameStop Corp. Consolidated Financial Statements:            |                                                |      |     |    
|Reports of Independent Registered Public
    Accounting Firm |                                                |      | F-2 |    
|Consolidated Financial Statements:                           |                                                |      |     |    
|                                                             | Balance Sheets                                 |      |     | F-5 | 
|                                                             | Statements of Operations                       |      |     | F-6 | 
|                                                             | Statements of Stockholders Equity             |      |     | F-7 | 
|                                                             | Statements of Cash Flows                       |      |     | F-8 | 
|                                                             | Notes to Consolidated Financial
    Statements |      |     | F-9 | 

F-1



---



##### Table of Contents






Report of Independent Registered Public Accounting Firm
















Internal Control 
Integrated Framework




| |                             
| | ----------------------------
| | /s/     BDO
    SEIDMAN, LLP
| |                             
| | BDO Seidman, LLP            





F-2



---



##### Table of Contents



Report of Independent Registered Public Accounting Firm








Internal Control 
Integrated Framework








Internal
Control  Integrated Framework Internal Control  Integrated Framework


F-3



---



##### Table of Contents







| |                             
| | ----------------------------
| | /s/     BDO
    SEIDMAN, LLP
| |                             
| | BDO Seidman, LLP            





F-4



---



##### Table of Contents



GAMESTOP CORP.





CONSOLIDATED BALANCE SHEETS


|                                              |                                                                                                                            |                                            |         |         |             |  |         |         |         | 
|--------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------ | ------- | ------- | ----------- |  | ------- | ------- | ------- | 
|                                              |                                                                                                                            | January 29,                                |         |         | January 31, | 
|                                              |                                                                                                                            | 2005                                       |         |         | 2004        | 
|                                              |                                                                                                                            |                                            |         |         |             | 
|                                              |                                                                                                                            | (In thousands)                             |        
|ASSETS                                       
|Current assets:                               |                                                                                                                            |                                            |         |         |             |  |         |        
|                                              | Cash and cash equivalents                                                                                                  |                                            | $       | 170,992 |             |  | $       | 204,905 |        
|                                              | Receivables, net                                                                                                           |                                            |         | 9,812   |             |  |         | 9,545   |        
|                                              | Merchandise inventories                                                                                                    |                                            |         | 216,296 |             |  |         | 223,526 |        
|                                              | Prepaid expenses and other current assets                                                                                  |                                            |         | 18,400  |             |  |         | 14,340  |        
|                                              | Prepaid taxes                                                                                                              |                                            |         | 3,053   |             |  |         | 12,775  |        
|                                              | Deferred taxes                                                                                                             |                                            |         | 5,435   |             |  |         | 7,661   |        
|                                              |                                                                                                                            |                                            |         |         |             | 
|                                              |                                                                                                                            | Total current assets                       |         |         | 423,988     |  |         |         | 472,752 | 
|                                              |                                                                                                                            |                                            |         |         |             | 
|Property and equipment:                       |                                                                                                                            |                                            |         |         |             |  |         |        
|                                              | Land                                                                                                                       |                                            |         | 2,000   |             |  |         |        |        
|                                              | Leasehold improvements                                                                                                     |                                            |         | 106,428 |             |  |         | 64,227  |        
|                                              | Fixtures and equipment                                                                                                     |                                            |         | 184,536 |             |  |         | 131,556 |        
|                                              |                                                                                                                            |                                            |         |         |             | 
|                                              |                                                                                                                            |                                            | 292,964 |         |             |  | 195,783 |        
|                                              | Less accumulated depreciation and amortization                                                                             |                                            |         | 124,565 |             |  |         | 88,487  |        
|                                              |                                                                                                                            |                                            |         |         |             | 
|                                              |                                                                                                                            | Net property and equipment                 |         |         | 168,399     |  |         |         | 107,296 | 
|                                              |                                                                                                                            |                                            |         |         |             | 
|Goodwill, net                                 |                                                                                                                            |                                            | 320,888 |         |             |  | 320,826 |        
|Other noncurrent assets                       |                                                                                                                            |                                            | 1,708   |         |             |  | 1,315   |        
|                                              |                                                                                                                            |                                            |         |         |             | 
|                                              |                                                                                                                            | Total other assets                         |         |         | 322,596     |  |         |         | 322,141 | 
|                                              |                                                                                                                            |                                            |         |         |             | 
|                                              |                                                                                                                            | Total assets                               |         | $       | 914,983     |  |         | $       | 902,189 | 
|                                              |                                                                                                                            |                                            |         |         |             | 
|                                             
|LIABILITIES AND STOCKHOLDERS EQUITY         
|Current liabilities:                          |                                                                                                                            |                                            |         |         |             |  |         |        
|                                              | Accounts payable                                                                                                           |                                            | $       | 206,739 |             |  | $       | 204,011 |        
|                                              | Accrued liabilities                                                                                                        |                                            |         | 94,983  |             |  |         | 79,839  |        
|                                              | Note payable, current portion                                                                                              |                                            |         | 12,173  |             |  |         |        |        
|                                              |                                                                                                                            |                                            |         |         |             | 
|                                              |                                                                                                                            | Total current liabilities                  |         |         | 313,895     |  |         |         | 283,850 | 
|                                              |                                                                                                                            |                                            |         |         |             | 
|Deferred taxes                                |                                                                                                                            |                                            | 20,257  |         |             |  | 17,731  |        
|Note payable, long-term portion               |                                                                                                                            |                                            | 24,347  |         |             |  |        |        
|Deferred rent and other long-term liabilities |                                                                                                                            |                                            | 13,473  |         |             |  | 6,575   |        
|                                              |                                                                                                                            |                                            |         |         |             | 
|                                              |                                                                                                                            |                                            | 58,077  |         |             |  | 24,306  |        
|                                              |                                                                                                                            |                                            |         |         |             | 
|                                              |                                                                                                                            | Total liabilities                          |         |         | 371,972     |  |         |         | 308,156 | 
|                                              |                                                                                                                            |                                            |         |         |             | 
|Stockholders equity:                         |                                                                                                                            |                                            |         |         |             |  |         |        
|                                              | Preferred stock  authorized 5,000 shares; no
    shares issued or outstanding                                             |                                            |         |        |             |  |         |        |        
|                                              | Class A common stock  $.001 par value;
    authorized 300,000 shares; 24,189 and 22,993 shares
    issued, respectively   |                                            |         | 24      |             |  |         | 23      |        
|                                              | Class B common stock  $.001 par value;
    authorized 100,000 shares; 29,902 and 36,009 shares
    issued and outstanding |                                            |         | 30      |             |  |         | 36      |        
|                                              | Additional paid-in-capital                                                                                                 |                                            |         | 500,769 |             |  |         | 510,597 |        
|                                              | Accumulated other comprehensive income                                                                                     |                                            |         | 567     |             |  |         | 296     |        
|                                              | Retained earnings                                                                                                          |                                            |         | 91,621  |             |  |         | 118,087 |        
|                                              | Treasury stock, at cost, 3,263 and 2,304 shares,
    respectively                                                          |                                            |         | (50,000 | )           |  |         | (35,006 | )      
|                                              |                                                                                                                            |                                            |         |         |             | 
|                                              |                                                                                                                            | Total stockholders equity                 |         |         | 543,011     |  |         |         | 594,033 | 
|                                              |                                                                                                                            |                                            |         |         |             | 
|                                              |                                                                                                                            | Total liabilities and stockholders equity |         | $       | 914,983     |  |         | $       | 902,189 | 
|                                              |                                                                                                                            |                                            |         |         |             | 



F-5



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##### Table of Contents



GAMESTOP CORP.





CONSOLIDATED STATEMENTS OF OPERATIONS


|                                                  |                                    |                                       |           |         |             |   |           |             |  |   |           |         | 
|------------------------------------------------- | ---------------------------------- | ------------------------------------- | --------- | ------- | ----------- | - | --------- | ----------- |  | - | --------- | ------- | 
|                                                  |                                    | 52 Weeks                              |           |         | 52 Weeks    |   |           | 52 Weeks    | 
|                                                  |                                    | Ended                                 |           |         | Ended       |   |           | Ended       | 
|                                                  |                                    | January 29,                           |           |         | January 31, |   |           | February 1, | 
|                                                  |                                    | 2005                                  |           |         | 2004        |   |           | 2003        | 
|                                                  |                                    |                                       |           |         |             |   |           |             | 
|                                                  |                                    | (In thousands, except per share data) |          
|Sales                                             |                                    | $                                     | 1,842,806 |         |             | $ | 1,578,838 |             |  | $ | 1,352,791 |        
|Cost of sales                                     |                                    |                                       | 1,328,611 |         |             |   | 1,142,264 |             |  |   | 1,009,491 |        
|                                                  |                                    |                                       |           |         |             |   |           |             | 
|                                                  | Gross profit                       |                                       |           | 514,195 |             |   |           | 436,574     |  |   |           | 343,300 | 
|Selling, general and administrative expenses      |                                    |                                       | 378,029   |         |             |   | 302,703   |             |  |   | 233,075   |        
|Depreciation and amortization                     |                                    |                                       | 37,019    |         |             |   | 29,487    |             |  |   | 23,154    |        
|                                                  |                                    |                                       |           |         |             |   |           |             | 
|                                                  | Operating earnings                 |                                       |           | 99,147  |             |   |           | 104,384     |  |   |           | 87,071  | 
|Interest income                                   |                                    |                                       | (1,919    | )       |             |   | (1,467    | )           |  |   | (1,998    | )      
|Interest expense                                  |                                    |                                       | 2,155     |         |             |   | 663       |             |  |   | 1,368     |        
|                                                  |                                    |                                       |           |         |             |   |           |             | 
|                                                  | Earnings before income tax expense |                                       |           | 98,911  |             |   |           | 105,188     |  |   |           | 87,701  | 
|Income tax expense                                |                                    |                                       | 37,985    |         |             |   | 41,721    |             |  |   | 35,297    |        
|                                                  |                                    |                                       |           |         |             |   |           |             | 
|                                                  | Net earnings                       |                                       | $         | 60,926  |             |   | $         | 63,467      |  |   | $         | 52,404  | 
|                                                  |                                    |                                       |           |         |             |   |           |             | 
|Net earnings per common share  basic             |                                    | $                                     | 1.11      |         |             | $ | 1.13      |             |  | $ | 0.93      |        
|                                                  |                                    |                                       |           |         |             |   |           |             | 
|Weighted average shares of common stock  basic   |                                    |                                       | 54,662    |         |             |   | 56,330    |             |  |   | 56,289    |        
|                                                  |                                    |                                       |           |         |             |   |           |             | 
|Net earnings per common share  diluted           |                                    | $                                     | 1.05      |         |             | $ | 1.06      |             |  | $ | 0.87      |        
|                                                  |                                    |                                       |           |         |             |   |           |             | 
|Weighted average shares of common stock  diluted |                                    |                                       | 57,796    |         |             |   | 59,764    |             |  |   | 60,419    |        
|                                                  |                                    |                                       |           |         |             |   |           |             | 



F-6



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##### Table of Contents



GAMESTOP CORP.





CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY


|                                                                         |  |                |        |  |            |             |    |               |  |  |          |   |  |          |    |   |        |   |         |          |  |   |       |  |  |       |         |   |  |   |         |   |  |   |          |  
|------------------------------------------------------------------------ |  | -------------- | ------ |  | ---------- | ----------- | -- | ------------- |  |  | -------- | - |  | -------- | -- | - | ------ | - | ------- | -------- |  | - | ----- |  |  | ----- | ------- | - |  | - | ------- | - |  | - | -------- | -
|                                                                         |  |                |        |  |            | Accumulated |    |               |  |  |          |   | 
|                                                                         |  | Common Stock   |        |  | Additional |             |    | Other         |  |  |          |   |  |          |   
|                                                                         |  |                |        |  | Paid in    |             |    | Comprehensive |  |  | Retained |   |  | Treasury |    |   |       
|                                                                         |  | Shares         |        |  | Class A    |             |    | Shares        |  |  | Class B  |   |  | Capital  |    |   | Income |   |         | Earnings |  |   | Stock |  |  | Total |        
|                                                                         |  |                |        |  |            |             |    |               |  |  |          |   |  |          |    |   |        |   |         |          |  |   |       |  |  |       |        
|                                                                         |  | (In thousands) |       
|Balance at February 2, 2002                                              |  |                |       |  |            | $           |   |               |  |  | 36,009   |   |  | $        | 36 |   |        | $ | (6,237  | )        |  | $ |      |  |  | $     | 2,216   |   |  | $ |        |   |  | $ | (3,985   | )
|Shares issued in public offering                                         |  |                | 20,764 |  |            |             | 21 |               |  |  |         |   |  |          |   |   |        |   | 347,318 |          |  |   |      |  |  |       |        |   |  |   |        |   |  |   | 347,339  |  
|Exercise of employee stock options (including tax benefit of
    $1,906) |  |                | 286    |  |            |             |   |               |  |  |         |   |  |          |   |   |        |   | 2,917   |          |  |   |      |  |  |       |        |   |  |   |        |   |  |   | 2,917    |  
|Capital contribution from Barnes & Noble, Inc.                           |  |                |       |  |            |             |   |               |  |  |         |   |  |          |   |   |        |   | 150,000 |          |  |   |      |  |  |       |        |   |  |   |        |   |  |   | 150,000  |  
|Net earnings for the 52 weeks ended February 1, 2003                     |  |                |       |  |            |             |   |               |  |  |         |   |  |          |   |   |        |   |        |          |  |   |      |  |  |       | 52,404  |   |  |   |        |   |  |   | 52,404   |  
|                                                                         |  |                |        |  |            |             |    |               |  |  |          |   |  |          |    |   |        |   |         |          |  |   |       |  |  |       |        
|Balance at February 1, 2003                                              |  |                | 21,050 |  |            |             | 21 |               |  |  | 36,009   |   |  |          | 36 |   |        |   | 493,998 |          |  |   |      |  |  |       | 54,620  |   |  |   |        |   |  |   | 548,675  |  
|Comprehensive income:                                                    |  |                |        |  |            |             |    |               |  |  |          |   |  |          |    |   |        |   |         |          |  |   |       |  |  |       |         |   |  |   |         |   |  |   |          |  
|Net earnings for the 52 weeks ended January 31, 2004                     |  |                |       |  |            |             |   |               |  |  |         |   |  |          |   |   |        |   |        |          |  |   |      |  |  |       | 63,467  |   |  |   |        |   |  |   |          |  
|Foreign currency translation                                             |  |                |       |  |            |             |   |               |  |  |         |   |  |          |   |   |        |   |        |          |  |   | 296   |  |  |       |        |   |  |   |        |   |  |   |          |  
|Total comprehensive income                                               |  |                |        |  |            |             |    |               |  |  |          |   |  |          |    |   |        |   |         |          |  |   |       |  |  |       |         |   |  |   |         |   |  |   | 63,763   |  
|Exercise of employee stock options (including tax benefit of
    $9,702) |  |                | 1,943  |  |            |             | 2  |               |  |  |         |   |  |          |   |   |        |   | 16,599  |          |  |   |      |  |  |       |        |   |  |   |        |   |  |   | 16,601   |  
|Treasury stock acquired, 2,304 shares                                    |  |                |       |  |            |             |   |               |  |  |         |   |  |          |   |   |        |   |        |          |  |   |      |  |  |       |        |   |  |   | (35,006 | ) |  |   | (35,006  | )
|                                                                         |  |                |        |  |            |             |    |               |  |  |          |   |  |          |    |   |        |   |         |          |  |   |       |  |  |       |        
|Balance at January 31, 2004                                              |  |                | 22,993 |  |            |             | 23 |               |  |  | 36,009   |   |  |          | 36 |   |        |   | 510,597 |          |  |   | 296   |  |  |       | 118,087 |   |  |   | (35,006 | ) |  |   | 594,033  |  
|Comprehensive income:                                                    |  |                |        |  |            |             |    |               |  |  |          |   |  |          |    |   |        |   |         |          |  |   |       |  |  |       |         |   |  |   |         |   |  |   |          |  
|Net earnings for the 52 weeks ended January 29, 2005                     |  |                |       |  |            |             |   |               |  |  |         |   |  |          |   |   |        |   |        |          |  |   |      |  |  |       | 60,926  |   |  |   |        |   |  |   |          |  
|Foreign currency translation                                             |  |                |       |  |            |             |   |               |  |  |         |   |  |          |   |   |        |   |        |          |  |   | 271   |  |  |       |        |   |  |   |        |   |  |   |          |  
|Total comprehensive income                                               |  |                |        |  |            |             |    |               |  |  |          |   |  |          |    |   |        |   |         |          |  |   |       |  |  |       |         |   |  |   |         |   |  |   | 61,197   |  
|Exercise of employee stock options (including tax benefit of
    $5,082) |  |                | 1,196  |  |            |             | 1  |               |  |  |         |   |  |          |   |   |        |   | 14,555  |          |  |   |      |  |  |       |        |   |  |   |        |   |  |   | 14,556   |  
|Repurchase and retirement of Class B common stock                        |  |                |       |  |            |             |   |               |  |  | (6,107   | ) |  |          | (6 | ) |        |   | (24,383 | )        |  |   |      |  |  |       | (87,392 | ) |  |   |        |   |  |   | (111,781 | )
|Treasury stock acquired, 959 shares                                      |  |                |       |  |            |             |   |               |  |  |         |   |  |          |   |   |        |   |        |          |  |   |      |  |  |       |        |   |  |   | (14,994 | ) |  |   | (14,994  | )
|                                                                         |  |                |        |  |            |             |    |               |  |  |          |   |  |          |    |   |        |   |         |          |  |   |       |  |  |       |        
|Balance at January 29, 2005                                              |  |                | 24,189 |  |            | $           | 24 |               |  |  | 29,902   |   |  | $        | 30 |   |        | $ | 500,769 |          |  | $ | 567   |  |  | $     | 91,621  |   |  | $ | (50,000 | ) |  | $ | 543,011  |  
|                                                                         |  |                |        |  |            |             |    |               |  |  |          |   |  |          |    |   |        |   |         |          |  |   |       |  |  |       |        



F-7



---



##### Table of Contents



GAMESTOP CORP.





CONSOLIDATED STATEMENTS OF CASH FLOWS


|                                                 |                                                                                               |                                                                                                                |                                                                            |          |             |         |         |             |        |         |         |          |        |         |  
|------------------------------------------------ | --------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------- | -------- | ----------- | ------- | ------- | ----------- | ------ | ------- | ------- | -------- | ------ | ------- | -
|                                                 |                                                                                               | 52 Weeks                                                                                                       |                                                                            |          | 52 Weeks    |         |         | 52 Weeks    |       
|                                                 |                                                                                               | Ended                                                                                                          |                                                                            |          | Ended       |         |         | Ended       |       
|                                                 |                                                                                               | January 29,                                                                                                    |                                                                            |          | January 31, |         |         | February 1, |       
|                                                 |                                                                                               | 2005                                                                                                           |                                                                            |          | 2004        |         |         | 2003        |       
|                                                 |                                                                                               |                                                                                                                |                                                                            |          |             |         |         |             |       
|                                                 |                                                                                               | (In thousands)                                                                                                 |                                                                           
|Cash flows from operating activities:            |                                                                                               |                                                                                                                |                                                                            |          |             |         |         |             |        |         |         |         
|                                                 | Net earnings                                                                                  |                                                                                                                | $                                                                          | 60,926   |             |         | $       | 63,467      |        |         | $       | 52,404   |       
|                                                 | Adjustments to reconcile net earnings to net cash flows provided
    by operating activities: |                                                                                                                |                                                                            |          |             |         |         |             |        |         |         |          |       
|                                                 |                                                                                               | Depreciation and amortization                                                                                  |                                                                            |          | 37,019      |         |         |             | 29,487 |         |         |          | 23,154 |        
|                                                 |                                                                                               | Provision for inventory reserves                                                                               |                                                                            |          | 17,808      |         |         |             | 12,901 |         |         |          | 14,071 |        
|                                                 |                                                                                               | Amortization of loan cost                                                                                      |                                                                            |          | 432         |         |         |             | 313    |         |         |          | 242    |        
|                                                 |                                                                                               | Deferred taxes                                                                                                 |                                                                            |          | 4,752       |         |         |             | 5,713  |         |         |          | 4,710  |        
|                                                 |                                                                                               | Tax benefit realized from exercise of stock options by employees                                               |                                                                            |          | 5,082       |         |         |             | 9,702  |         |         |          | 1,906  |        
|                                                 |                                                                                               | Loss on disposal of property and equipment                                                                     |                                                                            |          | 382         |         |         |             | 213    |         |         |          | 205    |        
|                                                 |                                                                                               | Increase in deferred rent and other long-term liabilities for
    scheduled rent increases in long-term leases |                                                                            |          | 5,349       |         |         |             | 338    |         |         |          | 329    |        
|                                                 |                                                                                               | Increase in liability to landlords for tenant allowances, net                                                  |                                                                            |          | 1,644       |         |         |             | 937    |         |         |          | 498    |        
|                                                 |                                                                                               | Minority interest                                                                                              |                                                                            |          | (96         | )       |         |             | (298   | )       |         |          |       |        
|                                                 |                                                                                               | Changes in operating assets and liabilities, net                                                               |                                                                            |          |             |         |         |             |        |         |         |          |        |        
|                                                 |                                                                                               |                                                                                                                | Receivables, net                                                           |          |             | (267    | )       |             |        | (1,954  | )       |          |        | (963    | )
|                                                 |                                                                                               |                                                                                                                | Merchandise inventories                                                    |          |             | (10,578 | )       |             |        | (72,712 | )       |          |        | (37,089 | )
|                                                 |                                                                                               |                                                                                                                | Prepaid expenses and other current assets                                  |          |             | (4,060  | )       |             |        | (4,111  | )       |          |        | (1,872  | )
|                                                 |                                                                                               |                                                                                                                | Prepaid taxes                                                              |          |             | 9,722   |         |             |        | (12,775 | )       |          |        |        |  
|                                                 |                                                                                               |                                                                                                                | Accounts payable, accrued liabilities and accrued income taxes
    payable |          |             | 17,872  |         |             |        | 40,056  |         |          |        | 36,374  |  
|                                                 |                                                                                               |                                                                                                                |                                                                            |          |             |         |         |             |       
|                                                 |                                                                                               |                                                                                                                | Net cash flows provided by operating activities                            |          |             | 145,987 |         |             |        | 71,277  |         |          |        | 93,969  |  
|                                                 |                                                                                               |                                                                                                                |                                                                            |          |             |         |         |             |       
|Cash flows from investing activities:            |                                                                                               |                                                                                                                |                                                                            |          |             |         |         |             |        |         |         |         
|                                                 | Purchase of property and equipment                                                            |                                                                                                                |                                                                            | (98,305  | )           |         |         | (64,484     | )      |         |         | (40,628  | )     
|                                                 | Acquisition of controlling interest in Gamesworld Group Limited,
    net of cash received     |                                                                                                                |                                                                            | (62      | )           |         |         | (3,027      | )      |         |         |         |       
|                                                 | Net increase in other noncurrent assets                                                       |                                                                                                                |                                                                            | (825     | )           |         |         | (522        | )      |         |         | (788     | )     
|                                                 |                                                                                               |                                                                                                                |                                                                            |          |             |         |         |             |       
|                                                 | Net cash flows used in investing activities                                                   |                                                                                                                |                                                                            | (99,192  | )           |         |         | (68,033     | )      |         |         | (41,416  | )     
|                                                 |                                                                                               |                                                                                                                |                                                                            |          |             |         |         |             |       
|Cash flows from financing activities:            |                                                                                               |                                                                                                                |                                                                            |          |             |         |         |             |        |         |         |         
|                                                 | Issuance of 20,764 shares relating to the public offering,
    net of the related expenses    |                                                                                                                |                                                                            |         |             |         |         |            |        |         |         | 347,339  |       
|                                                 | Issuance of shares relating to employee stock options                                         |                                                                                                                |                                                                            | 9,474    |             |         |         | 6,899       |        |         |         | 1,011    |       
|                                                 | Repayment of debt due to Barnes & Noble, Inc.                                                 |                                                                                                                |                                                                            |         |             |         |         |            |        |         |         | (250,000 | )     
|                                                 | Repayment of debt of Gamesworld Group Limited                                                 |                                                                                                                |                                                                            |         |             |         |         | (2,296      | )      |         |         |         |       
|                                                 | Purchase of treasury shares through repurchase program                                        |                                                                                                                |                                                                            | (14,994  | )           |         |         | (35,006     | )      |         |         |         |       
|                                                 | Repurchase of Class B shares                                                                  |                                                                                                                |                                                                            | (111,781 | )           |         |         |            |        |         |         |         |       
|                                                 | Issuance of debt relating to the Class B share repurchase                                     |                                                                                                                |                                                                            | 74,020   |             |         |         |            |        |         |         |         |       
|                                                 | Repayment of debt relating to the Class B shares                                              |                                                                                                                |                                                                            | (37,500  | )           |         |         |            |        |         |         |         |       
|                                                 | Net increase in other payable to Barnes & Noble,
    Inc.                                     |                                                                                                                |                                                                            |         |             |         |         |            |        |         |         | 377      |       
|                                                 |                                                                                               |                                                                                                                |                                                                            |          |             |         |         |             |       
|                                                 | Net cash flows (used in) provided by financing activities                                     |                                                                                                                |                                                                            | (80,781  | )           |         |         | (30,403     | )      |         |         | 98,727   |       
|                                                 |                                                                                               |                                                                                                                |                                                                            |          |             |         |         |             |       
|                                                 | Exchange rate effect on cash and cash equivalents                                             |                                                                                                                |                                                                            | 73       |             |         |         | 34          |        |         |         |         |       
|                                                 |                                                                                               |                                                                                                                |                                                                            |          |             |         |         |             |       
|                                                 | Net increase (decrease) in cash and cash equivalents                                          |                                                                                                                |                                                                            | (33,913  | )           |         |         | (27,125     | )      |         |         | 151,280  |       
|Cash and cash equivalents at beginning of period |                                                                                               |                                                                                                                | 204,905                                                                    |          |             |         | 232,030 |             |        |         | 80,750  |         
|                                                 |                                                                                               |                                                                                                                |                                                                            |          |             |         |         |             |       
|Cash and cash equivalents at end of period       |                                                                                               | $                                                                                                              | 170,992                                                                    |          |             | $       | 204,905 |             |        | $       | 232,030 |         
|                                                 |                                                                                               |                                                                                                                |                                                                            |          |             |         |         |             |       



F-8



---



##### Table of Contents



GAMESTOP CORP.





NOTES TO CONSOLIDATED FINANCIAL STATEMENTS




|   |                                           
|-- | ------------------------------------------
|1. | Summary of Significant Accounting Policies



| |                                     
| | ------------------------------------
| | Background and Basis of Presentation





Game Informer












| |              
| | -------------
| | Consolidation





| |         
| | --------
| | Year-End



F-9



---



##### Table of Contents



GAMESTOP CORP.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




| |                          
| | -------------------------
| | Cash and Cash Equivalents





| |                        
| | -----------------------
| | Merchandise Inventories





| |                       
| | ----------------------
| | Property and Equipment







| |         
| | --------
| | Goodwill







F-10



---



##### Table of Contents



GAMESTOP CORP.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






| |                    
| | -------------------
| | Revenue Recognition







| |                     
| | --------------------
| | Pre-Opening Expenses





| |                      
| | ---------------------
| | Closed Store Expenses





| |                     
| | --------------------
| | Advertising Expenses





| |             
| | ------------
| | Income Taxes



F-11



---



##### Table of Contents



GAMESTOP CORP.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




| |                 
| | ----------------
| | Lease Accounting







| |                             
| | ----------------------------
| | Foreign Currency Translation



F-12



---



##### Table of Contents



GAMESTOP CORP.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




| |                              
| | -----------------------------
| | Net Earnings Per Common Share







| |              
| | -------------
| | Stock Options





|                                                                                                                                                    |  |                                       |        |  |             |   |        |             |  |   |        | 
|--------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------- | ------ |  | ----------- | - | ------ | ----------- |  | - | ------ | 
|                                                                                                                                                    |  | 52 Weeks                              |        |  | 52 Weeks    |   |        | 52 Weeks    | 
|                                                                                                                                                    |  | Ended                                 |        |  | Ended       |   |        | Ended       | 
|                                                                                                                                                    |  | January 29,                           |        |  | January 31, |   |        | February 1, | 
|                                                                                                                                                    |  | 2005                                  |        |  | 2004        |   |        | 2003        | 
|                                                                                                                                                    |  |                                       |        |  |             |   |        |             | 
|                                                                                                                                                    |  | (In thousands, except per share data) |       
|Net earnings, as reported                                                                                                                           |  | $                                     | 60,926 |  |             | $ | 63,467 |             |  | $ | 52,404 | 
|Deduct: Total stock-based employee compensation expense
    determined under fair value based method for all awards, net of
    related tax effects |  |                                       | 9,405  |  |             |   | 7,888  |             |  |   | 8,287  | 
|                                                                                                                                                    |  |                                       |        |  |             |   |        |             | 
|Pro forma net earnings                                                                                                                              |  | $                                     | 51,521 |  |             | $ | 55,579 |             |  | $ | 44,117 | 
|                                                                                                                                                    |  |                                       |        |  |             |   |        |             | 
|Net earnings per common share  basic, as reported                                                                                                  |  | $                                     | 1.11   |  |             | $ | 1.13   |             |  | $ | 0.93   | 
|                                                                                                                                                    |  |                                       |        |  |             |   |        |             | 
|Net earnings per common share  basic, pro forma                                                                                                    |  | $                                     | 0.94   |  |             | $ | 0.99   |             |  | $ | 0.78   | 
|                                                                                                                                                    |  |                                       |        |  |             |   |        |             | 
|Net earnings per common share  diluted, as reported                                                                                                |  | $                                     | 1.05   |  |             | $ | 1.06   |             |  | $ | 0.87   | 
|                                                                                                                                                    |  |                                       |        |  |             |   |        |             | 
|Net earnings per common share  diluted, pro forma                                                                                                  |  | $                                     | 0.89   |  |             | $ | 0.93   |             |  | $ | 0.73   | 
|                                                                                                                                                    |  |                                       |        |  |             |   |        |             | 

F-13



---



##### Table of Contents



GAMESTOP CORP.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                        |  |             |      |   |             |  |      |             |  |  |      |  
|----------------------- |  | ----------- | ---- | - | ----------- |  | ---- | ----------- |  |  | ---- | -
|                        |  | 52 Weeks    |      |   | 52 Weeks    |  |      | 52 Weeks    | 
|                        |  | Ended       |      |   | Ended       |  |      | Ended       | 
|                        |  | January 29, |      |   | January 31, |  |      | February 1, | 
|                        |  | 2005        |      |   | 2004        |  |      | 2003        | 
|                        |  |             |      |   |             |  |      |             | 
|Volatility              |  |             | 60.1 | % |             |  | 61.6 | %           |  |  | 61.9 | %
|Risk-free interest rate |  |             | 3.3  | % |             |  | 3.2  | %           |  |  | 4.6  | %
|Expected life (years)   |  |             | 6.0  |   |             |  | 6.0  |             |  |  | 6.0  |  
|Expected dividend yield |  |             | 0    | % |             |  | 0    | %           |  |  | 0    | %

Share-Based
Payment




| |                 
| | ----------------
| | Use of Estimates





| |                                     
| | ------------------------------------
| | Fair Values of Financial Instruments





| |                     
| | --------------------
| | Vendor Concentration





| |                
| | ---------------
| | Classifications



F-14



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##### Table of Contents



GAMESTOP CORP.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






| |                  
| | -----------------
| | Reclassifications





|   |                    
|-- | -------------------
|2. | Vendor Arrangements





F-15



---



##### Table of Contents



GAMESTOP CORP.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                                  |                                    |                           |           |         |             |   |           |         | 
|------------------------------------------------- | ---------------------------------- | ------------------------- | --------- | ------- | ----------- | - | --------- | ------- | 
|                                                  |                                    | 52 Weeks                  |           |         | 52 Weeks    |  
|                                                  |                                    | Ended                     |           |         | Ended       |  
|                                                  |                                    | January 31,               |           |         | February 1, |  
|                                                  |                                    | 2004                      |           |         | 2003        |  
|                                                  |                                    |                           |           |         |             |  
|                                                  |                                    | (In thousands, except per |          
|                                                  |                                    | share data)               |          
|Sales                                             |                                    | $                         | 1,578,838 |         |             | $ | 1,352,791 |        
|Cost of sales                                     |                                    |                           | 1,138,596 |         |             |   | 984,530   |        
|                                                  |                                    |                           |           |         |             |  
|                                                  | Gross profit                       |                           |           | 440,242 |             |   |           | 368,261 | 
|Selling, general and administrative expenses      |                                    |                           | 302,703   |         |             |   | 258,371   |        
|Depreciation and amortization                     |                                    |                           | 29,487    |         |             |   | 23,154    |        
|                                                  |                                    |                           |           |         |             |  
|                                                  | Operating earnings                 |                           |           | 108,052 |             |   |           | 86,736  | 
|Interest income                                   |                                    |                           | (1,467    | )       |             |   | (1,998    | )      
|Interest expense                                  |                                    |                           | 663       |         |             |   | 1,368     |        
|                                                  |                                    |                           |           |         |             |  
|                                                  | Earnings before income tax expense |                           |           | 108,856 |             |   |           | 87,366  | 
|Income tax expense                                |                                    |                           | 43,108    |         |             |   | 35,160    |        
|                                                  |                                    |                           |           |         |             |  
|                                                  | Net earnings                       |                           | $         | 65,748  |             |   | $         | 52,206  | 
|                                                  |                                    |                           |           |         |             |  
|Net earnings per common share  basic             |                                    | $                         | 1.17      |         |             | $ | 0.93      |        
|                                                  |                                    |                           |           |         |             |  
|Weighted average shares of common stock  basic   |                                    |                           | 56,330    |         |             |   | 56,289    |        
|                                                  |                                    |                           |           |         |             |  
|Net earnings per common share  diluted           |                                    | $                         | 1.10      |         |             | $ | 0.86      |        
|                                                  |                                    |                           |           |         |             |  
|Weighted average shares of common stock  diluted |                                    |                           | 59,764    |         |             |   | 60,419    |        
|                                                  |                                    |                           |           |         |             |  



|   |             
|-- | ------------
|3. | Acquisitions



F-16



---



##### Table of Contents



GAMESTOP CORP.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|   |                                             
|-- | --------------------------------------------
|4. | Computation of Net Earnings per Common Share



|                                                         |  |                                       |        |  |             |   |        |             |  |   |        | 
|-------------------------------------------------------- |  | ------------------------------------- | ------ |  | ----------- | - | ------ | ----------- |  | - | ------ | 
|                                                         |  | 52 Weeks                              |        |  | 52 Weeks    |   |        | 52 Weeks    | 
|                                                         |  | Ended                                 |        |  | Ended       |   |        | Ended       | 
|                                                         |  | January 29,                           |        |  | January 31, |   |        | February 1, | 
|                                                         |  | 2005                                  |        |  | 2004        |   |        | 2003        | 
|                                                         |  |                                       |        |  |             |   |        |             | 
|                                                         |  | (In thousands, except per share data) |       
|Net earnings                                             |  | $                                     | 60,926 |  |             | $ | 63,467 |             |  | $ | 52,404 | 
|                                                         |  |                                       |        |  |             |   |        |             | 
|Weighted Common Shares Outstanding                       |  |                                       | 54,662 |  |             |   | 56,330 |             |  |   | 56,289 | 
|Common Share Equivalents Related to Options and Warrants |  |                                       | 3,134  |  |             |   | 3,434  |             |  |   | 4,130  | 
|                                                         |  |                                       |        |  |             |   |        |             | 
|Common Shares and Common Share Equivalents               |  |                                       | 57,796 |  |             |   | 59,764 |             |  |   | 60,419 | 
|                                                         |  |                                       |        |  |             |   |        |             | 
|Net Earnings per Common Share:                           |  |                                       |        |  |             |   |        |             |  |   |        | 
|Basic                                                    |  | $                                     | 1.11   |  |             | $ | 1.13   |             |  | $ | 0.93   | 
|                                                         |  |                                       |        |  |             |   |        |             | 
|Diluted                                                  |  | $                                     | 1.05   |  |             | $ | 1.06   |             |  | $ | 0.87   | 
|                                                         |  |                                       |        |  |             |   |        |             | 



|                                |  |                                       |       |  |          |  |               |            |  |  |              | 
|------------------------------- |  | ------------------------------------- | ----- |  | -------- |  | ------------- | ---------- |  |  | ------------ | 
|                                |  | Anti-                                 |       |  | Range of |  |               |           
|                                |  | Dilutive                              |       |  | Exercise |  |               | Expiration | 
|                                |  | Shares                                |       |  | Prices   |  |               | Dates      | 
|                                |  |                                       |       |  |          |  |               |            | 
|                                |  | (In thousands, except per share data) |      
|52 Weeks Ended January 29, 2005 |  |                                       | 30    |  |          |  | $21.25        |            |  |  | 2012         | 
|52 Weeks Ended January 31, 2004 |  |                                       | 3,831 |  |          |  | $18.00-$21.25 |            |  |  | Through 2013 | 
|52 Weeks Ended February 1, 2003 |  |                                       | 4,372 |  |          |  | $16.48-$21.25 |            |  |  | Through 2012 | 



|   |                 
|-- | ----------------
|5. | Receivables, Net



|                                |  |                |       |   |             |   |       |  
|------------------------------- |  | -------------- | ----- | - | ----------- | - | ----- | -
|                                |  | January 29,    |       |   | January 31, |  
|                                |  | 2005           |       |   | 2004        |  
|                                |  |                |       |   |             |  
|                                |  | (In thousands) |      
|Bankcard receivables            |  | $              | 5,946 |   |             | $ | 5,147 |  
|Other receivables               |  |                | 4,259 |   |             |   | 4,787 |  
|Allowance for doubtful accounts |  |                | (393  | ) |             |   | (389  | )
|                                |  |                |       |   |             |  
|Total receivables, net          |  | $              | 9,812 |   |             | $ | 9,545 |  
|                                |  |                |       |   |             |  

F-17



---



##### Table of Contents



GAMESTOP CORP.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|   |                    
|-- | -------------------
|6. | Accrued Liabilities



|                                        |  |                |        |  |             |   |        | 
|--------------------------------------- |  | -------------- | ------ |  | ----------- | - | ------ | 
|                                        |  | January 29,    |        |  | January 31, |  
|                                        |  | 2005           |        |  | 2004        |  
|                                        |  |                |        |  |             |  
|                                        |  | (In thousands) |       
|Gift certificates and customer deposits |  | $              | 35,213 |  |             | $ | 26,797 | 
|Deferred revenue                        |  |                | 9,484  |  |             |   | 7,255  | 
|Accrued rent                            |  |                | 6,090  |  |             |   | 7,378  | 
|Employee compensation and related taxes |  |                | 5,750  |  |             |   | 6,525  | 
|Other taxes                             |  |                | 5,129  |  |             |   | 5,033  | 
|Other accrued liabilities               |  |                | 33,317 |  |             |   | 26,851 | 
|                                        |  |                |        |  |             |  
|Total accrued liabilities               |  | $              | 94,983 |  |             | $ | 79,839 | 
|                                        |  |                |        |  |             |  



|   |         
|-- | --------
|7. | Goodwill



|                                                                            |  |                |         | 
|--------------------------------------------------------------------------- |  | -------------- | ------- | 
|                                                                            |  | Goodwill       |        
|                                                                            |  |                |        
|                                                                            |  | (In thousands) |        
|Balance at February 1, 2003                                                 |  | $              | 317,957 | 
|Addition for the acquisition of Gamesworld Group Limited                    |  |                | 2,869   | 
|Impairment for the 52 weeks ended January 31, 2004                          |  |                |        | 
|                                                                            |  |                |        
|Balance at January 31, 2004                                                 |  |                | 320,826 | 
|Additional cost relating to the acquisition of Gamesworld Group
    Limited |  |                | 62      | 
|Impairment for the 52 weeks ended January 29, 2005                          |  |                |        | 
|                                                                            |  |                |        
|Balance at January 29, 2005                                                 |  | $              | 320,888 | 
|                                                                            |  |                |        



|   |     
|-- | ----
|8. | Debt

1 2




F-18



---



##### Table of Contents



GAMESTOP CORP.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|   |                     
|-- | --------------------
|9. | Comprehensive Income



|                            |                                          |                |        |     |             |   |        |             |  |   |        |   | 
|--------------------------- | ---------------------------------------- | -------------- | ------ | --- | ----------- | - | ------ | ----------- |  | - | ------ | - | 
|                            |                                          | 52 Weeks       |        |     | 52 Weeks    |   |        | 52 Weeks    | 
|                            |                                          | Ended          |        |     | Ended       |   |        | Ended       | 
|                            |                                          | January 29,    |        |     | January 31, |   |        | February 1, | 
|                            |                                          | 2005           |        |     | 2004        |   |        | 2003        | 
|                            |                                          |                |        |     |             |   |        |             | 
|                            |                                          | (In thousands) |       
|Net earnings                |                                          | $              | 60,926 |     |             | $ | 63,467 |             |  | $ | 52,404 |  
|Other comprehensive income: |                                          |                |        |     |             |   |        |             |  |   |        |  
|                            | Foreign currency translation adjustments |                |        | 271 |             |   |        | 296         |  |   |        |  | 
|                            |                                          |                |        |     |             |   |        |             | 
|Total comprehensive income  |                                          | $              | 61,197 |     |             | $ | 63,763 |             |  | $ | 52,404 |  
|                            |                                          |                |        |     |             |   |        |             | 



|    |       
|--- | ------
|10. | Leases





|                   |  |                |        |  |             |   |        |             |  |   |        | 
|------------------ |  | -------------- | ------ |  | ----------- | - | ------ | ----------- |  | - | ------ | 
|                   |  | 52 Weeks       |        |  | 52 Weeks    |   |        | 52 Weeks    | 
|                   |  | Ended          |        |  | Ended       |   |        | Ended       | 
|                   |  | January 29,    |        |  | January 31, |   |        | February 1, | 
|                   |  | 2005           |        |  | 2004        |   |        | 2003        | 
|                   |  |                |        |  |             |   |        |             | 
|                   |  | (In thousands) |       
|Minimum            |  | $              | 77,058 |  |             | $ | 58,016 |             |  | $ | 47,316 | 
|Percentage rentals |  |                | 4,471  |  |             |   | 7,418  |             |  |   | 10,704 | 
|                   |  |                |        |  |             |   |        |             | 
|                   |  | $              | 81,529 |  |             | $ | 65,434 |             |  | $ | 58,020 | 
|                   |  |                |        |  |             |   |        |             | 

F-19



---



##### Table of Contents



GAMESTOP CORP.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|             |  |                |         | 
|------------ |  | -------------- | ------- | 
|Year Ended   |  | Amount         |        
|             |  |                |        
|             |  | (In thousands) |        
|January 2006 |  | $              | 70,045  | 
|January 2007 |  |                | 63,084  | 
|January 2008 |  |                | 57,756  | 
|January 2009 |  |                | 53,162  | 
|January 2010 |  |                | 45,689  | 
|Thereafter   |  |                | 154,646 | 
|             |  |                |        
|             |  | $              | 444,382 | 
|             |  |                |        



|    |           
|--- | ----------
|11. | Litigation







F-20



---



##### Table of Contents



GAMESTOP CORP.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|    |             
|--- | ------------
|12. | Income Taxes



|                                                                                             |         |                |        |        |             |   |        |             |   |   |        |        | 
|-------------------------------------------------------------------------------------------- | ------- | -------------- | ------ | ------ | ----------- | - | ------ | ----------- | - | - | ------ | ------ | 
|                                                                                             |         | 52 Weeks       |        |        | 52 Weeks    |   |        | 52 Weeks    |  
|                                                                                             |         | Ended          |        |        | Ended       |   |        | Ended       |  
|                                                                                             |         | January 29,    |        |        | January 31, |   |        | February 1, |  
|                                                                                             |         | 2005           |        |        | 2004        |   |        | 2003        |  
|                                                                                             |         |                |        |        |             |   |        |             |  
|                                                                                             |         | (In thousands) |       
|Current tax expense (benefit):                                                               |         |                |        |        |             |   |        |             |   |   |        |       
|                                                                                             | Federal |                | $      | 24,330 |             |   | $      | 21,671      |   |   | $      | 22,945 | 
|                                                                                             | State   |                |        | 4,455  |             |   |        | 4,733       |   |   |        | 5,736  | 
|                                                                                             | Foreign |                |        | (634   | )           |   |        | (98         | ) |   |        |       | 
|                                                                                             |         |                |        |        |             |   |        |             |  
|                                                                                             |         |                | 28,151 |        |             |   | 26,306 |             |   |   | 28,681 |       
|                                                                                             |         |                |        |        |             |   |        |             |  
|Deferred tax expense:                                                                        |         |                |        |        |             |   |        |             |   |   |        |       
|                                                                                             | Federal |                |        | 4,578  |             |   |        | 4,690       |   |   |        | 3,768  | 
|                                                                                             | State   |                |        | 6      |             |   |        | 1,023       |   |   |        | 942    | 
|                                                                                             | Foreign |                |        | 168    |             |   |        |            |   |   |        |       | 
|                                                                                             |         |                |        |        |             |   |        |             |  
|                                                                                             |         |                | 4,752  |        |             |   | 5,713  |             |   |   | 4,710  |       
|                                                                                             |         |                |        |        |             |   |        |             |  
|Charge in lieu of income taxes, relating to the tax effect of
    stock option tax deduction |         |                | 5,082  |        |             |   | 9,702  |             |   |   | 1,906  |       
|                                                                                             |         |                |        |        |             |   |        |             |  
|Total income tax expense                                                                     |         | $              | 37,985 |        |             | $ | 41,721 |             |   | $ | 35,297 |       
|                                                                                             |         |                |        |        |             |   |        |             |  



|                                          |  |             |      |   |             |  |      |             |  |  |      |  
|----------------------------------------- |  | ----------- | ---- | - | ----------- |  | ---- | ----------- |  |  | ---- | -
|                                          |  | 52 Weeks    |      |   | 52 Weeks    |  |      | 52 Weeks    | 
|                                          |  | Ended       |      |   | Ended       |  |      | Ended       | 
|                                          |  | January 29, |      |   | January 31, |  |      | February 1, | 
|                                          |  | 2005        |      |   | 2004        |  |      | 2003        | 
|                                          |  |             |      |   |             |  |      |             | 
|Federal statutory tax rate                |  |             | 35.0 | % |             |  | 35.0 | %           |  |  | 35.0 | %
|State income taxes, net of federal effect |  |             | 3.5  |   |             |  | 4.6  |             |  |  | 5.2  |  
|Foreign income taxes                      |  |             | 0.4  |   |             |  | (0.1 | )           |  |  | 0.0  |  
|Other (including permanent differences)   |  |             | (0.5 | ) |             |  | 0.2  |             |  |  | 0.0  |  
|                                          |  |             |      |   |             |  |      |             | 
|                                          |  |             | 38.4 | % |             |  | 39.7 | %           |  |  | 40.2 | %
|                                          |  |             |      |   |             |  |      |             | 

F-21



---



##### Table of Contents



GAMESTOP CORP.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                    |                                      |                                |   |         |             |   |   |         |         |  
|------------------- | ------------------------------------ | ------------------------------ | - | ------- | ----------- | - | - | ------- | ------- | -
|                    |                                      | January 29,                    |   |         | January 31, |  
|                    |                                      | 2005                           |   |         | 2004        |  
|                    |                                      |                                |   |         |             |  
|                    |                                      | (In thousands)                 |  
|Deferred tax asset: |                                      |                                |   |         |             |   |   |        
|                    | Allowance for doubtful accounts      |                                | $ | 59      |             |   | $ | 62      |        
|                    | Inventory capitalization costs       |                                |   | 1,827   |             |   |   | 1,694   |        
|                    | Inventory obsolescence reserve       |                                |   | 3,640   |             |   |   | 4,200   |        
|                    | Organization costs                   |                                |   | 32      |             |   |   |        |        
|                    | Accrued liabilities                  |                                |   | 1,511   |             |   |   | 273     |        
|                    | Gift certificate liability           |                                |   | 1,124   |             |   |   | 1,912   |        
|                    | Deferred rents                       |                                |   | 3,438   |             |   |   | 1,353   |        
|                    | Accrued state taxes                  |                                |   | (196    | )           |   |   | (480    | )      
|                    |                                      |                                |   |         |             |  
|                    |                                      | Total deferred tax benefits    |   |         | 11,435      |   |   |         | 9,014   |  
|                    |                                      |                                |   |         |             |  
|                    | Deferred tax liabilities:            |                                |   |         |             |   |   |         |        
|                    | Goodwill                             |                                |   | (20,131 | )           |   |   | (15,814 | )      
|                    | Prepaid expenses                     |                                |   | (2,561  | )           |   |   |        |        
|                    | Translation adjustment               |                                |   | (368    | )           |   |   | (200    | )      
|                    | Fixed assets                         |                                |   | (4,073  | )           |   |   | (4,170  | )      
|                    | Accrued state taxes                  |                                |   | 876     |             |   |   | 1,100   |        
|                    |                                      |                                |   |         |             |  
|                    |                                      | Total deferred tax liabilities |   |         | (26,257     | ) |   |         | (19,084 | )
|                    |                                      |                                |   |         |             |  
|                    |                                      | Net                            |   | $       | (14,822     | ) |   | $       | (10,070 | )
|                    |                                      |                                |   |         |             |  
|                    | Financial statements:                |                                |   |         |             |   |   |         |        
|                    | Current deferred tax assets          |                                | $ | 5,435   |             |   | $ | 7,661   |        
|                    |                                      |                                |   |         |             |  
|                    | Non-current deferred tax liabilities |                                | $ | (20,257 | )           |   | $ | (17,731 | )      
|                    |                                      |                                |   |         |             |  



|    |                  
|--- | -----------------
|13. | Stock Option Plan





F-22



---



##### Table of Contents



GAMESTOP CORP.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                          |  |            |        |                  |                |   |       | 
|------------------------- |  | ---------- | ------ | ---------------- | -------------- | - | ----- | 
|                          |  |            |        | Weighted-Average |               
|                          |  | Shares     |        |                  | Exercise Price |  
|                          |  |            |        |                  |                |  
|                          |  | (Thousands |        |                  |               
|                          |  | of shares) |        |                  |               
|Balance, February 2, 2002 |  |            | 8,811  |                  |                | $ | 4.03  | 
|Granted                   |  |            | 4,545  |                  |                | $ | 18.02 | 
|Exercised                 |  |            | (287   | )                |                | $ | 3.53  | 
|Forfeited                 |  |            | (309   | )                |                | $ | 12.10 | 
|                          |  |            |        |                  |                |  
|Balance, February 1, 2003 |  |            | 12,760 |                  |                | $ | 8.83  | 
|                          |  |            |        |                  |                |  
|Granted                   |  |            | 1,119  |                  |                | $ | 12.19 | 
|Exercised                 |  |            | (1,943 | )                |                | $ | 3.55  | 
|Forfeited                 |  |            | (629   | )                |                | $ | 16.55 | 
|                          |  |            |        |                  |                |  
|Balance, January 31, 2004 |  |            | 11,307 |                  |                | $ | 9.63  | 
|                          |  |            |        |                  |                |  
|Granted                   |  |            | 1,676  |                  |                | $ | 18.40 | 
|Exercised                 |  |            | (1,196 | )                |                | $ | 7.93  | 
|Forfeited                 |  |            | (381   | )                |                | $ | 16.81 | 
|                          |  |            |        |                  |                |  
|Balance, January 29, 2005 |  |            | 11,406 |                  |                | $ | 10.86 | 
|                          |  |            |        |                  |                |  





|                         |  |                     |        |           |                     |  |           |             |  |   |             |           |  |          |       |  |  |   |       | 
|------------------------ |  | ------------------- | ------ | --------- | ------------------- |  | --------- | ----------- |  | - | ----------- | --------- |  | -------- | ----- |  |  | - | ----- | 
|                         |  | Options Outstanding |        |           | Options Exercisable | 
|                         |  |                     |        |           |                     | 
|                         |  |                     |        | Weighted- |                     |  | Weighted- |             |  |   |             | Weighted- | 
|                         |  | Number              |        |           | Average             |  |           | Average     |  |   | Number      |           |  | Average  |      
|                         |  | Outstanding         |        |           | Remaining           |  |           | Contractual |  |   | Exercisable |           |  | Exercise |      
|Range of Exercise Prices |  | (000s)              |        |           | Life                |  |           | Price       |  |   | (000s)      |           |  | Price    |      
|                         |  |                     |        |           |                     |  |           |             |  |   |             |           |  |          |      
|$ 3.53  $ 4.51          |  |                     | 5,643  |           |                     |  | 6.26      |             |  | $ | 4.31        |           |  |          | 5,643 |  |  | $ | 4.31  | 
|$11.80  $12.71          |  |                     | 740    |           |                     |  | 8.18      |             |  | $ | 11.89       |           |  |          | 194   |  |  | $ | 11.84 | 
|$15.10  $16.48          |  |                     | 199    |           |                     |  | 8.98      |             |  | $ | 15.28       |           |  |          | 43    |  |  | $ | 15.53 | 
|$18.00  $21.25          |  |                     | 4,824  |           |                     |  | 7.66      |             |  | $ | 18.19       |           |  |          | 2,220 |  |  | $ | 18.03 | 
|                         |  |                     |        |           |                     |  |           |             |  |   |             |           |  |          |      
|$ 3.53  $21.25          |  |                     | 11,406 |           |                     |  | 7.03      |             |  | $ | 10.86       |           |  |          | 8,100 |  |  | $ | 8.31  | 
|                         |  |                     |        |           |                     |  |           |             |  |   |             |           |  |          |      



|    |                                     
|--- | ------------------------------------
|14. | Employees Defined Contribution Plan



F-23



---



##### Table of Contents



GAMESTOP CORP.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|    |                                               
|--- | ----------------------------------------------
|15. | Certain Relationships and Related Transactions











|    |                                   
|--- | ----------------------------------
|16. | Supplemental Cash Flow Information

|                                 |                                              |                |    |        |             |   |       |             |  |   |   |         | 
|-------------------------------- | -------------------------------------------- | -------------- | -- | ------ | ----------- | - | ----- | ----------- |  | - | - | ------- | 
|                                 |                                              | 52 Weeks       |    |        | 52 Weeks    |   |       | 52 Weeks    | 
|                                 |                                              | Ended          |    |        | Ended       |   |       | Ended       | 
|                                 |                                              | January 29,    |    |        | January 31, |   |       | February 1, | 
|                                 |                                              | 2005           |    |        | 2004        |   |       | 2003        | 
|                                 |                                              |                |    |        |             |   |       |             | 
|                                 |                                              | (In thousands) |   
|Cash paid during the period for: |                                              |                |    |        |             |   |       |             |  |   |   |        
|                                 | Interest                                     |                | $  | 1,447  |             |   | $     | 308         |  |   | $ | 47,236  | 
|                                 |                                              |                |    |        |             |   |       |             | 
|                                 | Income taxes                                 |                |    | 19,903 |             |   |       | 56,555      |  |   |   | 14,641  | 
|                                 |                                              |                |    |        |             |   |       |             | 
|Subsidiaries acquired:           |                                              |                |    |        |             |   |       |             |  |   |   |        
|                                 | Goodwill                                     |                |    | 62     |             |   |       | 2,869       |  |   |   |        | 
|                                 | Cash received in acquisition                 |                |    |       |             |   |       | 252         |  |   |   |        | 
|                                 | Net assets acquired (or liabilities assumed) |                |    |       |             |   |       | 158         |  |   |   |        | 
|                                 |                                              |                |    |        |             |   |       |             | 
|Cash paid                        |                                              | $              | 62 |        |             | $ | 3,279 |             |  | $ |  |        
|                                 |                                              |                |    |        |             |   |       |             | 
|Non-cash financing activity:     |                                              |                |    |        |             |   |       |             |  |   |   |        
|                                 | Barnes & Noble capital contribution          |                | $  |       |             |   | $     |            |  |   | $ | 150,000 | 
|                                 |                                              |                |    |        |             |   |       |             | 

F-24



---



##### Table of Contents



GAMESTOP CORP.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|    |                                
|--- | -------------------------------
|17. | Repurchase of Equity Securities







|    |                     
|--- | --------------------
|18. | Shareholders Equity







F-25



---



##### Table of Contents



GAMESTOP CORP.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








|    |                                          
|--- | -----------------------------------------
|19. | Unaudited Quarterly Financial Information



|                                           |  |                                    |         |  |                                    |   |         |                |  |   |         |  |  |         |         |  |         |   |         |         |  |   |         |  |  |   |         |  |  |   |         | 
|------------------------------------------ |  | ---------------------------------- | ------- |  | ---------------------------------- | - | ------- | -------------- |  | - | ------- |  |  | ------- | ------- |  | ------- | - | ------- | ------- |  | - | ------- |  |  | - | ------- |  |  | - | ------- | 
|                                           |  | Fiscal Year Ended January 29, 2005 |         |  | Fiscal Year Ended January 31, 2004 |  
|                                           |  |                                    |         |  |                                    |  
|                                           |  | 1st                                |         |  | 2nd                                |   |         | 3rd            |  |   | 4th     |  |  | 1st     |         |  | 2nd     |   |         | 3rd     |  |   | 4th     | 
|                                           |  | Quarter                            |         |  | Quarter                            |   |         | Quarter        |  |   | Quarter |  |  | Quarter |         |  | Quarter |   |         | Quarter |  |   | Quarter | 
|                                           |  |                                    |         |  |                                    |   |         |                |  |   |         |  |  |         |         |  |         |   |         |         |  |   |         | 
|                                           |  |                                    |         |  |                                    |   |         | (In thousands) |  |   |         |  |  |         |        
|Sales                                      |  | $                                  | 371,736 |  |                                    | $ | 345,593 |                |  | $ | 416,737 |  |  | $       | 708,740 |  |         | $ | 321,741 |         |  | $ | 305,674 |  |  | $ | 326,042 |  |  | $ | 625,381 | 
|Gross profit                               |  |                                    | 105,540 |  |                                    |   | 107,207 |                |  |   | 120,330 |  |  |         | 181,118 |  |         |   | 85,441  |         |  |   | 88,983  |  |  |   | 98,474  |  |  |   | 163,676 | 
|Operating earnings(1)                      |  |                                    | 10,770  |  |                                    |   | 12,545  |                |  |   | 19,852  |  |  |         | 55,980  |  |         |   | 10,689  |         |  |   | 10,849  |  |  |   | 17,891  |  |  |   | 64,955  | 
|Net earnings(2)                            |  |                                    | 6,678   |  |                                    |   | 7,672   |                |  |   | 12,059  |  |  |         | 34,517  |  |         |   | 6,611   |         |  |   | 6,606   |  |  |   | 10,693  |  |  |   | 39,557  | 
|Net earnings per common share  basic(3)   |  |                                    | 0.12    |  |                                    |   | 0.14    |                |  |   | 0.22    |  |  |         | 0.68    |  |         |   | 0.12    |         |  |   | 0.12    |  |  |   | 0.19    |  |  |   | 0.71    | 
|Net earnings per common share  diluted(3) |  |                                    | 0.11    |  |                                    |   | 0.13    |                |  |   | 0.21    |  |  |         | 0.64    |  |         |   | 0.11    |         |  |   | 0.11    |  |  |   | 0.18    |  |  |   | 0.67    | 






|    |                                        
|--- | ---------------------------------------
|(1) | Includes the following pre-tax charges:



| |   |                                                                                                                                                                                                                                                                                
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | $2,750 in the first quarter of the fiscal year ended
    January 29, 2005 attributable to the California labor
    litigation settlement,                                                                                                                                      
|
| |  | $2,800 in the third quarter of the fiscal year ended
    January 29, 2005 attributable to the professional fees
    related to the spin-off by Barnes & Noble of the
    Companys Class B common shares, and                                                                  
|
| |  | $5,373 in the fourth quarter of the fiscal year ended
    January 29, 2005 attributable to correcting the
    Companys method of accounting for rent expense and
    depreciation expense on leasehold improvements for those leases
    that do not contain a renewal option.

F-26



---



##### Table of Contents



GAMESTOP CORP.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|    |                                          
|--- | -----------------------------------------
|(2) | Includes the following after-tax charges:



| |   |                                                                                                                                                                                                                                                                                
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | $1,708 in the first quarter of the fiscal year ended
    January 29, 2005 attributable to the California labor
    litigation settlement,                                                                                                                                      
|
| |  | $1,739 in the third quarter of the fiscal year ended
    January 29, 2005 attributable to the professional fees
    related to the spin-off by Barnes & Noble of the
    Companys Class B common shares, and                                                                  
|
| |  | $3,312 in the fourth quarter of the fiscal year ended
    January 29, 2005 attributable to correcting the
    Companys method of accounting for rent expense and
    depreciation expense on leasehold improvements for those leases
    that do not contain a renewal option.



|    |                                                            
|--- | -----------------------------------------------------------
|(3) | Includes the following charges per basic and diluted share:



| |   |                                                                                                                                                                                                                                                                                                                                        
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | $0.03 per basic and diluted share in the first quarter of
    the fiscal year ended January 29, 2005 attributable to the
    California labor litigation settlement,                                                                                                                                                                   
|
| |  | $0.03 per basic and diluted share in the third quarter of
    the fiscal year ended January 29, 2005 attributable to the
    professional fees related to the spin-off by Barnes &
    Noble of the Companys Class B common shares, and                                                                                               
|
| |  | $0.07 and $0.06 per basic and diluted share, respectively,
    in the fourth quarter of the fiscal year ended January 29,
    2005 attributable to correcting the Companys method of
    accounting for rent expense and depreciation expense on
    leasehold improvements for those leases that do not contain a
    renewal option.

F-27



---



##### Table of Contents






EXHIBIT INDEX


|        |    |             |  |                                                                                                                                                                                                             
|------- | -- | ----------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |            
|Number  |    | Description
|        |    |            
|        | 3  | .1          |  | Amended and Restated Certificate of Incorporation.(1)                                                                                                                                                       
|       
|        | 3  | .2          |  | Bylaws.(1)                                                                                                                                                                                                  
|       
|        | 3  | .3          |  | Certificate of Designation of Preferences and Rights of
    Preferred Stock, Series A of the Company.(2)                                                                                                    
|       
|        | 4  | .1          |  | Rights Agreement, dated October 25, 2004, between the
    Company and The Bank of New York, as Rights Agent.(2)                                                                                             
|       
|        | 10 | .1          |  | Separation Agreement, dated as of January 1, 2002, between
    Barnes & Noble and GameStop Corp.(3)                                                                                                         
|       
|        | 10 | .2          |  | Tax Disaffiliation Agreement, dated as of January 1, 2002,
    between Barnes & Noble and GameStop Corp.(1)                                                                                                 
|       
|        | 10 | .3          |  | Insurance Agreement, dated as of January 1, 2002, between
    Barnes & Noble and GameStop Corp.(1)                                                                                                          
|       
|        | 10 | .4          |  | Operating Agreement, dated as of January 1, 2002, between
    Barnes & Noble and GameStop Corp.(1)                                                                                                          
|       
|        | 10 | .5          |  | Amended and Restated 2001 Incentive Plan.                                                                                                                                                                   
|       
|        | 10 | .6          |  | Supplemental Compensation Plan.                                                                                                                                                                             
|       
|        | 10 | .7          |  | Form of Option Agreement.                                                                                                                                                                                   
|       
|        | 10 | .8          |  | Lease, dated as of March 6, 1997, between RREEF Mid-Cities
    Industrial L.P. and Babbages Etc. LLC.(1)                                                                                                   
|       
|        | 10 | .9          |  | First Amendment to Lease, dated as of December 30, 1999,
    between RREEF Mid-Cities Industrial L.P. and Babbages Etc.
    LLC.(1)                                                                        
|       
|        | 10 | .10         |  | Amended and Restated Credit Agreement, dated as of June 21,
    2004.(4)                                                                                                                                    
|       
|        | 10 | .11         |  | Amended and Restated Security Agreement, dated as of
    June 21, 2004.(4)                                                                                                                                  
|       
|        | 10 | .12         |  | Amended and Restated Securities Collateral Pledge Agreement,
    dated as of June 21, 2004, between GameStop Corp. and Fleet
    Retail Group, Inc., as Administrative Agent.(4)                            
|       
|        | 10 | .13         |  | Amended and Restated Securities Collateral Pledge Agreement,
    dated as of June 21, 2004, between GameStop, Inc. and Fleet
    Retail Group, Inc., as Administrative Agent.(4)                            
|       
|        | 10 | .14         |  | Securities Collateral Pledge Agreement, dated as of
    June 21, 2004, between GameStop of Texas (GP), LLC and
    Fleet Retail Group, Inc., as Administrative Agent.(4)                                    
|       
|        | 10 | .15         |  | Securities Collateral Pledge Agreement, dated as of
    June 21, 2004, between GameStop (LP), LLC and Fleet Retail
    Group, Inc., as Administrative Agent.(4)                                             
|       
|        | 10 | .16         |  | Amended and Restated Patent and Trademark Securities Agreement,
    dated as of June 21, 2004.(4)                                                                                                           
|       
|        | 10 | .17         |  | Stock Purchase Agreement, dated as of October 1, 2004, by
    and among the Company, B&N Gamestop Holding Corp. and
    Barnes & Noble.(5)                                                                  
|       
|        | 10 | .18         |  | Promissory Note, dated as of October 1, 2004, made by the
    Company in favor of B&N GameStop Holding Corp.(5)                                                                                             
|       
|        | 14 | .1          |  | Code of Ethics for Senior Financial Officers.(6)                                                                                                                                                            
|       
|        | 21 | .1          |  | Subsidiaries.                                                                                                                                                                                               
|       
|        | 23 | .1          |  | Consent of BDO Seidman, LLP                                                                                                                                                                                 
|       
|        | 31 | .1          |  | Certification of Chief Executive Officer pursuant to
    Rule 13a-14(a)/15(d)-14(a) under the Securities Exchange
    Act of 1934, as adopted pursuant to Section 302 of the
    Sarbanes-Oxley Act of 2002.
|       
|        | 31 | .2          |  | Certification of Chief Financial Officer pursuant to
    Rule 13a-14(a)/15(d)-14(a) under the Securities Exchange
    Act of 1934, as adopted pursuant to Section 302 of the
    Sarbanes-Oxley Act of 2002.



---



##### Table of Contents



|        |    |    |             |                                                                                                                                                                                                                            
|------- | -- | -- | ----------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |    |            
|Number  |    |    | Description
|        |    |    |            
|        | 32 | .1 |             | Certification of Chief Executive Officer pursuant to
    Rule 13a-14(b) under the Securities Exchange Act of 1934
    and 18 U.S.C. Section 1350, as adopted pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002.
|       
|        | 32 | .2 |             | Certification of Chief Financial Officer pursuant to
    Rule 13a-14(b) under the Securities Exchange Act of 1934
    and 18 U.S.C. Section 1350, as adopted pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002.






|    |                                                                                                                                                                                       
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Incorporated by reference to the Registrants Amendment
    No. 3 to Form S-1 filed with the Securities and
    Exchange Commission on January 24, 2002 (No. 333-68294).              
|   
|(2) | Incorporated by reference to the Registrants Form 8-K
    filed with the Securities and Exchange Commission on
    October 28, 2004.                                                 
|   
|(3) | Incorporated by reference to the Registrants Amendment
    No. 4 to Form S-1 filed with the Securities and
    Exchange Commission on February 5, 2002 (No. 333-68294).              
|   
|(4) | Incorporated by reference to the Registrants
    Form 10-Q for the fiscal quarter ended July 31, 2004
    filed with the Securities and Exchange Commission on
    September 7, 2004.
|   
|(5) | Incorporated by reference to the Registrants Form 8-K
    filed with the Securities and Exchange Commission on
    October 5, 2004.                                                  
|   
|(6) | Incorporated by reference to the Registrants
    Form 10-K for the fiscal year ended January 31, 2004
    filed with the Securities and Exchange Commission on
    April 14, 2004.