GameStop preliminary Q1 results have sales down at least 28%

Video game retail GameStop has reported its preliminary financial results for Q1, which ended May 4.

The firm expects net sales from $872 million to $892 million.

This would place GameStop's sales at a decrease of 28% to 30% year-over-year for the quarter.

Meanwhile, the retailer's net loss is expected to range from $27 million to $37 million, compared to a loss of $40.5 million in Q1 of last year.

Additionally, GameStop is preparing to sell up to 45 million shares of company stock in an effort to raise money.

Earlier this week, GameStop shares were trading up after meme stock personality Keith Gill, also known as Roaring Kitty, made his first social media post after three years.