GameStop earnings fall short of expectations, but online sales offer some hope
CNN
After a wild few weeks in the spotlight, GameStop's financial results for the three months ended January 30 fell somewhat short of Wall Street expectations.
GameStop (GME) on Tuesday reported net sales of $2.1 billion during the quarter, down 3% from the same period in the prior year and slightly below the $2.2 billion Wall Street analysts had expected, according to Refinitiv. Net income from the quarter hit $80.5 million, or $1.19 per diluted share — well below analysts' projections but a significant improvement from the $21 million in net income it earned during its fiscal fourth quarter last year. One bright spot: The gaming retailer's global e-commerce sales increased 175% and represented 34% of the company's total net revenue during the quarter. During the same period last year, e-commerce made up just 12% of total sales. That bodes well for the company's effort to transition to relying more on online sales, a move that will be especially important given that it closed a net 693 stores during 2020.
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