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GameStop has sadly announced in a note to investors a 27.5% decrease in holiday sales to $1.8 billion, which sent its stock diving as much as 16%.
GameStop's CEO George Sherman: “We expected a challenging sales environment for the holiday season as our customers continue to delay purchases ahead of anticipated console launches in late 2020. However, the accelerated decline in new hardware and software sales coming out of Black Friday and throughout the month of December was well below our expectations, reflective of overall industry trends. On a positive note, we continued to see growth in the Nintendo Switch platform, which supports our view that our sales will strengthen as new consoles and innovative technology are introduced.”
No doubt the new coming consoles has gamers hording their money for their future gaming needs and if Gamestop can ride that wave, will most likely see sales return come next holiday season when both PlayStation 5 and Xbox Series X launches.
GameStop's CEO George Sherman: “We expected a challenging sales environment for the holiday season as our customers continue to delay purchases ahead of anticipated console launches in late 2020. However, the accelerated decline in new hardware and software sales coming out of Black Friday and throughout the month of December was well below our expectations, reflective of overall industry trends. On a positive note, we continued to see growth in the Nintendo Switch platform, which supports our view that our sales will strengthen as new consoles and innovative technology are introduced.”
No doubt the new coming consoles has gamers hording their money for their future gaming needs and if Gamestop can ride that wave, will most likely see sales return come next holiday season when both PlayStation 5 and Xbox Series X launches.
