GameStop Expects First-Quarter Sales to Plunge 33%

GameStop (NYSE: GME) announced after the market closed on Thursday that it expects to see global revenue for its quarter ended May 2 to fall between 33% and 35% from the $1.5 billion it recorded in the year-ago period. Over three-quarters of the video game retailer's 1,800 international stores have been closed since March when the COVID-19 pandemic struck, and all of its 3,500 U.S. stores were closed as well. GameStop said comparable store sales are expected to fall 30% or more in the quarter and it anticipates reporting that hardware sales accounted for a larger percentage of total revenue than software sales, a reversal from last year.