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    Quick Hits

    GameStop Revenue Drops 30% in Third Quarter

    By
    Dec 08, 2020 | 10:17 pm
    UPDATED Dec 10, 2020 | 02:07 pm
    GameStop
    Caitie McMekin-News Sentinel via Imagn

    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.

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