GameStop?s earnings for the nine week period that constituted 2019?s holiday season were dismal compared to the same time frame in 2018. During last year?s holiday season, the retailer suffered a 27.5 percent decline year-over-year, falling ?well below expectations.? This unexpected blow to the business has caused the company to reevaluate its financial forecast for the remainder of 2020.
In a press release, GameStop noted that the 27.5 percent decline is ?indicative of overall industry trends impacting the video game industry.? Such results were also a response to the lack of new hardware from the platform holders, as well as a reported decline in sales of game software during the month of December. To account for all of the above, GameStop is adjusting its sales expectations for this year.
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