Investors were not happy with the numbers GameStop provided, and share prices had dipped as much as The company's net sales fell Comparable store sales fell Based on these results, management also updated its full-year guidance targets. GameStop should now see comparable-store sales fall by a "high-teens" percentage in fiscalcompared to the prediction of a "low-teens" decline three months ago.
CEO George Sherman pinned the disappointing results on an "unprecedented decline in new hardware sales" as the current go here of gaming consoles gets long in the tooth. Sherman tried his best to paint this report in a reasonably good light:.
Good luck with that, George. Your turnaround plan doesn't look realisticand GameStop could very well be among the next wave of old-school retailers filing for bankruptcy gamestop trade in morning today. If anything, today's price drop wasn't sharp enough.
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