GameStop Closing 700 Stores This Year"), and experienced what it called "…a significant reduction in store operating days as a result of temporary store closures in response to the COVID-19 pandemic."
GameStop’s fiscal Q4 was better, with sales down 3%, from $2.2 billion to $2.1 billion, and profits up to $80.5 million, from $21.0 million in the year-ago period. Same store sales were up 6.5% despite the loss of 27% of store operating days in Europe in the month.
The new fiscal year is starting off strong (behind sales of the new consoles and associated games), with sales up 5.3% for February, despite the 12% lower store count and the loss of 36% of store operating days in the month internationally, primarily in Europe, due to Covid closings.
The company is not providing guidance and did not take questions. The stock remains at stratospheric levels. It closed at $181.75 on Tuesday, a far cry from its range in 2020, when it traded under $10 for most of the year and then rose to over $20 in December. The big jump came in January, as groups organized on social media banded together to force a short squeeze (see "GameStop Stock Nearly Doubles on Tuesday").
A Big Improvement
Posted by Milton Griepp on March 24, 2021 @ 2:34 am CT