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GameStop Q2 Earnings Sees Net Loss Of $111 Million, Stock Dr - ROTMG Tool


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GameStop Q2 Earnings Sees Net Loss Of $111 Million, Stock Dr

Postby Gaming » Wed 09 Sep 20 - 16:00

GameStop Q2 Earnings Sees Net Loss Of $111 Million, Stock Drops 4%

GameStop is the biggest video game retailer in the world, but the publicly-traded company has experienced instability in recent years due to shifts in games consumption, particularly the decline of the used game market. The company released

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(June-August in this case) today, and while the numbers aren't quite as dismal as last year, they're still not promising either.

Overall, GameStop reported a net loss of $111 million, compared to $415 million from the same period last year. However, net sales dropped from $1.2 billion to $900 million--a decrease of 26.7%--which can likely be attributed in part to store closures caused by the ongoing

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. There was a 13% reduction in total store operating days due to COVID-19, and a 10% reduction in the overall number of stores. The company did champion a 800% increase in e-commerce sales, which represents 20% of its net sales. The company's stock decreased by more than 4%
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GameStop made national headlines back in March when the retailer

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, with the company's management ordering staff to resist efforts by authorities to close their stores. GameStop later went back on this claim, closing stores to in-person retail and offering curbside pickup instead. The retailer
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more than 300 stores this year. The upcoming launch of the
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and
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will be a boon to the company in the short-term, but it's still unclear what effect that will have in the long-term.




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Read more about this story at the link below
https://www.gamespot.com/articles/gamestop-q2-earnings-sees-net-loss-of-111-million-/1100-6481985/?ftag=CAD-01-10abi2f
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