Closed 200+ Stores During Quarter
Posted by Milton Griepp on September 11, 2020 @ 1:25 am CT
The company is happy with the results of its “store de-densification” strategy, as it is seeing about 40% of the volume from closed stores moving either to neighboring stores or ecomm.
Other factors cited were a 13% reduction in days open for its stores due to pandemic-related closings, although as of August 1, the company said all of its stores are open at least for curbside, if not for in-store shopping; and depressed game sales as consumers wait for new consoles later this year. Comp store sales (accounting separately from declines due to pandemic closings) were down 12.7%.
Collectibles sales, which include tabletop games, took a big hit, down a third from $172.5 million in FQ2 2019 to $113.9 million in its Q2 2020.
Ecomm sales were up 800% from the same period a year ago. The company feels that some of those sales are not simply replacement of in-store sales but represent new sales or consumers.
The sales decline in the quarter ended August 1 was actually less than the 34% decline in the previous quarter (see “GameStop Sales Down 34%”).
GameStop lost $111.3 million in the quarter, a big improvement over the $415.3 million loss in the same quarter a year ago.
Investors didn’t like the numbers, which were considered misses on both sales and profits; the stock price declined over 15% in trading Thursday.
January 27, 2023
Games Workshop announced Warhammer 40,000: Kill Team -Soulshackle , which will be headed to preorder soon.
Since Acquisition by Mad Cave
January 27, 2023
This is the first original title to be published by Papercutz since it was acquired by Mad Cave last year.