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REPORT - GameStop loses $624 million in Q3, closing 200 stores in the next year
US video game retailer GameStop has reported its earnings for the third quarter ended on October 27, and while the company said results exceeded expectations, sales were down across the board on new software, pre-owned software and new hardware. Total sales fell 8.9 percent to $1.77 billion while comparable store sales also fell 8.3 percent. Overall, GameStop recorded a consolidated net loss of $624.3 million.
GameStop noted that it recorded impairment charges of $678.8 million during the quarter. Excluding these charges, GameStop's adjusted net earnings for the third quarter were $47.2 million.
Full report here
GameStop noted that it recorded impairment charges of $678.8 million during the quarter. Excluding these charges, GameStop's adjusted net earnings for the third quarter were $47.2 million.