GameStop revenue fell 30.2% year-over-year to $1.7 billion in the third quarter of its fiscal 2020.
CEO George Sherman said the company is maintaining a “digital-first” focus as e-commerce sales remain its sole bright spot, with a 257% increase year-over-year.
GameStop saw an influx of demand after Microsoft and Sony’s next-generation consoles launched in November, driving a 16.5% increase in comparable store sales for the month.
New tech wasn’t enough to reverse the company’s fortunes:
- GameStop closed 11% of its stores in Q3
- It plans to close 400 by end-of-year
GameStop’s single-largest shareholder — Chewy founder Ryan Cohen — has called on the retailer to do a strategic review of its business.
The company’s shares dropped more than 17% in after-hours trading. Its stock is up more than 168% year-to-date as the gaming industry booms overall.
