As Sales Decline 14.3% in Quarter
Posted by Milton Griepp on September 11, 2019 @ 4:02 am CT
In Wall Street-ese, Gamestop CEO described the hoped-for results. "We believe that store de-densification will be materially accretive to the overall business model." Translation: we think closing stores will help us be more profitable.
Overall global sales were down 14.3%in the quarter, with comparable store sales down 11.6% in the quarter, the company reported. Every category was down, led by hardware as gamer wait for new consoles next year, except collectibles, which were up 21.2%. That’s a significant improvement over the last quarter, when collectible sales were up 10.5% (see "Collectibles Remain Sole Bright Spot as Gamestop Sales Decline").
The company is issuing guidance for the fiscal year with comp store sales declines in the low teens.