GameStop reports third-quarter profit on spending cuts

(Reuters) -GameStop reported a third-quarter profit on Tuesday as the videogame retailer ramps up its cost-saving efforts, including shutting stores and selling higher-margin goods. CEO Ryan Cohen told investors in June the company would operate with "a smaller network and more value-added" items as a part of its attempt to boost sales and profitability. This helped GameStop report a net income of $17.4 million in the third quarter, compared with a net loss of $3.1 million a year ago.