GameStop earnings fall in need of expectations, however on-line gross sales supply some hope
Now the gaming retailer is working to turn things around: Along with the earnings report, it outlined changes aimed at transforming itself into “a customer-obsessed technology company that delights gamers,” its CEO said Tuesday on a call with investors.
GameStop (GME) reported net sales of $2.1 billion during the quarter, down 3% from the same period in the prior year and slightly below the $2.2 billion Wall Street analysts had expected, according to Refinitiv. Net income from the quarter hit $80.5 million, or $1.19 per diluted share — well below analysts’ projections but a significant improvement from the $21 million in net income it earned during its fiscal fourth quarter last year.
For the full year 2020, GameStop posted a net loss of more than $215 million.
One bright spot: The gaming retailer’s global e-commerce sales increased 175%, representing 34% of the company’s total net revenue during the quarter. During the same period last year, e-commerce made up just 12% of total…
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