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Jan. 13, 2020, 5:29 p.m. EST

GameStop stock drops as holiday sales plunge

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By Wallace Witkowski

GME

GameStop Corp. /zigman2/quotes/203755179/composite GME +3.75% shares dropped in the extended session Monday after the videogame retailer forecast same-store sales below the Wall Street consensus and said that holiday sales had dropped more than 25%. GameStop shares fell 9.8% after hours, after closing flat at $5.43 in the regular session. For the nine-week period ending Jan. 5, GameStop said global sales fell 27.5% to $1.83 billion, and same-store sales fell 24.7%. "We expected a challenging sales environment for the holiday season as our customers continue to delay purchases ahead of anticipated console launches in late 2020," said George Sherman, GameStop chief executive, in a statement. "However, the accelerated decline in new hardware and software sales coming out of Black Friday and throughout the month of December was well below our expectations, reflective of overall industry trends." The company said it expects same-store sales to drop 19% to 21% for fiscal 2019, while analysts surveyed by FactSet estimate a decline of 17.7%.

/zigman2/quotes/203755179/composite
US : U.S.: NYSE
$ 3.60
+0.13 +3.75%
Volume: 4.69M
Feb. 28, 2020 6:30p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$237.32 million
Rev. per Employee
$416,709
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