After Big Sales Drop, GameStop Is Permanently Closing 300 Stores

On a recent earnings call, GameStop (NYSE: GME) CEO Jim Bell announced the company would permanently close around 300 storefronts this year. The closures come after the company closed 320 stores globally in fiscal 2019.

GameStop saw sales drop by 26% in the fourth quarter, but the company made $1.27 per share ($109 million) on $2.2 billion in sales. That's in line with the company's efforts to change its business by managing expenses, lowering its inventory, and shrinking its store count.

For the full year, overall global revenue dropped by 22% and same-store sales fell by 19.4%. GameStop did, however, deliver $62 million in operating income, or $0.22 per share.

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Source Fool.com