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RSS FeedsHow's GameStop Doing? Key Takeaways From Its Latest Earnings Report
(GameSpot PSP News)

 
 

23 march 2017 22:13:42

 
How's GameStop Doing? Key Takeaways From Its Latest Earnings Report
(GameSpot PSP News)
 


GameStop today reported its earnings for both its fourth fiscal quarter and the fiscal year that ended on January 28, two periods that saw significant declines in sales.During the fourth quarter, total global sales were down 13.6% year-over-year to $3.05 billion. The company blames its slow holiday sales period on `weak sales of certain AAA titles and aggressive console promotions by other retailers on Thanksgiving Day and Black Friday,` likely in reference to the $250-and-extra-freebie offers at places like Target and Best Buy. New hardware sales were down 29.1% for the quarter. Software sales also took a hit, both new (19.3%) and pre-owned (6.7%). GameStop also lamented weaker-than-expected sales during its last earnings report.Two areas that did see growth during the quarter were collectibles (up 27.8% to $212.4 million) and its Technology Brand business (up 43.9% to $256 million). The latter is attributed to store growth, while collectibles were `driven by strong sales of Pokemon-related toys and apparel.`For the full year, sales were down 8.1% to $8.61 billion. However, 35.9% of the business`s adjusted operating earnings came from non-physical gaming businesses. That`s up from 24.5% during fiscal 2015.`GameStop`s transformation continued to take hold in 2016, as our non-gaming businesses drove gross margin expansion and significantly contributed to our profits,` CEO Paul Raines said in a press release. `Meanwhile, the video game category was weak, particularly in the back half of 2016, as the console cycle ages. Looking at 2017, Technology Brands and Collectibles are expected to generate another year of strong growth, and new hardware innovation in the video game category looks promising.`GameStop`s stock has been on the decline as of late, and it appears to be performing poorly in after-hours trading following the release of today`s earnings. After closing out the day at $23.96 (down from a recent high of $26.52 in February), it now sits as $21.92. Gross m ...


 
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