GameStop revenue declines 26% to $882m
Retailer also reported net loss of $32.3 million
GameStop has released its financial results for the first quarter ended May 4, 2024.
The firm reported a 26% decrease in sales to $882 million, compared to $1.2 billion the previous year. In its preliminary results shared last month, GameStop expected sales to between $872 million and $892 million.
The retailer reported a net loss of $32.3 million, down 36% compared to $50.5 million during the same quarter last year. It had previously forecast its net loss to be between $27 million and $37 million.
Hardware and accessories made up 57% of its total earnings during Q1, but saw a 30% decline in sales to $505 million, while software sales were down 29% to $240 million, making up 27% of its total earnings.
As reported by Reuters, GameStop was initially going to post its Q1 results on June 11, but instead published it last Friday (June 7). The firm did not provide a reason as to why.
GameStop did not provide a conference call with investors following the results, nor did it give an outlook for the current quarter.