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Friday, March 5, 2021

GameStop predicts a losing year

Grapevine-based GameStop may be running out of lives as more

gamers forgo its stores and buy their games and

equipment online.

The video game retailer’s stock

fell to a 14-year low on Wednesday after its fiscal

fourth-quarter revenue fell short of

Wall Street forecasts and it made a

vague and disappointing forecast.

It would not give a profit forecast

for 2019, but said it expects up to a

10% drop in sales for the year.

The company has suffered as consumers shift their

purchases online, a particular threat for GameStop as

gamers can often download games from home.

GameStop shares lost nearly a third

of their value in January, after the

company said it had failed to find a

buyer. It recently named retail industry

veteran George Sherman as its CEO;

Sherman takes over April 15.

GameStop shares fell 4.7%

Wednesday to $9.63.

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