GameStop Shares Slide on Dismal Holiday Season, Weak Outlook
- Video-game retailer now sees a loss for the 2019 fiscal year
- One bright spot: Sales of Nintendo’s Switch device were up
Photographer: Luke Sharrett/Bloomberg
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GameStop Corp., the struggling video-game retailer, tumbled in late trading after reporting a same-store sales decline of 25% for the holiday shopping period and lowering its guidance for the year.
Sales for the fiscal year that ends this month could fall as much as 21%, worse than the high-teens decline that GameStop projected in December. Management also warned that the company would lose money in the fiscal year. It previously projected earnings of 10 cents to 20 cents a share.