Wednesday to Sunday!
31 Jan – 4 Feb 2018
Just two months after announcing sweeping changes to reinvent itself with new store concepts and experiences, the Texas-based retailer reported a dismal second quarter, which saw overall sales decline by 14.3%, with same-store sales dipping an average of 11.6%. New hardware sales dropped 41.1%, while new software and accessories dropped 5.3% and 9.3% respectively.
Pre-owned and digital sales also posted double-digit decreases. The one bright spot: toys and collectibles. The category increased by 21.2% overall with strong sales in both domestic and international stores. GameStop was quick to update its strategic plan for reinventing the business, launching core tenets of its GameStop Reboot plan.
The company’s total net income loss was $415.3 million compared to a net income loss of $24.9 million in the same quarter last year.
On a call with investors following this week’s earnings report, GameStop Chief Financial Officer James Bell said that the company could close up to 200 of its underperforming stores by the end of this year.