GameStop Corp. reported a steep decline in holiday sales.
The company’s sales from continuing operations for the nine-week holiday period ending January 4 plunged -27.5% to $1.83 billion. Comparable store sales fell - 24.7% during the same period.
George Sherman, GameStop’s chief executive officer, said that accelerated decline in new hardware and software sales coming out of black Friday and throughout the month of December was well below the company’s expectations. GameStop had expected some decline due to customers continuing to delay purchases ahead of anticipated console launches in late 2020, according to Sherman.
GameStop is closing 55 stores in the United States between December and January, as indicated by the site GSClosing, which tracks all of the GameStop closures. These store closures are part of GameStop's plan to close between 230 and 250 stores by the end of March 2020.