Like many other retailers, GameStop (NYSE: GME) experienced a rough fiscal first quarter, which ended May 2. It's not surprising since the coronavirus caused the company to block physical access to its more than 3,500 U.S. stores, with 65% providing limited pick-up services.
There are about 1,800 international locations, and the virus also affected operations in Canada, Europe, and New Zealand. Through the last half of the quarter, GameStop had approximately 90% of its stores closed to customer traffic.
Global same-store sales, excluding locations closed as a result of the outbreak, fell 17%. But the company has had underlying issues for some time. The stock price, which has lost more than 90% of its value since Nov. 2013, reflects these challenges.
Source Fool.com