(AOF) – The quarterly publications follow one another and are similar for GameStop, which has once again disappointed. As a result, the action of the American video game distributor fell by 14.81% to $13.20. “This is the first time since 2005 that GameStop’s fourth-quarter revenues are less than $2 billion,” notes the Wall Street Journal, knowing that this period includes the end-of-year holidays. GameStop is suffering from the digitalization of video game distribution and is unable to reinvent itself.
As of February 3, 2024, GameStop had 4,169 stores, including 2,915 in the United States, 203 in Canada, 404 in Australia, and 647 in Europe. The American group owns the Micromania chain in France.
In the fourth quarter, GameStop generated $63.1 million, or 21 cents per share, compared to a profit of $48.2 million, or 16 cents per share, a year earlier. On an adjusted basis, earnings per share were 22 cents, compared with a consensus of 30 cents.
Sales declined to $1.794 billion from about $2.226 billion in the comparable period last year. Wall Street was targeting $2.05 billion. Over the whole of 2023, its turnover fell by 11% to $5.273 billion.
Cash, cash equivalents and marketable securities were $1.2 billion at the end of the quarter.
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