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Thursday, March 4, 2021

GameStop shares up on sales, deal with investor

GameStop Corp. (NYSE: GME) shares have increased after the Grapevine-based video game retailer entered a deal with activist investor RC Ventures to expand its board of directors. GameStop closed at $39.91 on Thursday, up from $31.40 the previous day.

The retailer also reported worldwide sales results for the nine-week holiday period ended January 2, 2021 reflecting a 4.8% increase in comparable store sales and a 309% increase in E-Commerce sales. 

Total sales declined 3.1% driven by an 11% decrease in the company’s store base due to its planned de-densification strategy, temporary store closures around the world due to government mandates and lower store traffic, particularly later in December, due to the significant impacts of COVID-19.

Also on Jan. 11, GameStop announced that it has entered into an agreement with RC Ventures LLC, one of the company’s largest stockholders. RC Ventures is managed by Ryan Cohen who is the founder of Chewy.com.  

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