GameStop Posting Losses Again

GameStop is again reporting quarterly losses despite growing sales, ever since the meme stock boom that helped lift the company off life-support, in a way, and their earnings report for the three months ended July 30th has been released.

The video game stocks news report showed that GameStop is continuing a troubling trend of quarterly losses, which is now at six consecutive quarters, but also shows the first year-over-year decline in sales since RC Ventures’ Ryan Cohen and two of his associates were added to the board of directors back in January 2021.

Net sales: Down 4% to $1.14 billion

Net losses: $109 million, compared to $62 million in the year-ago quarter

“I want to begin by reiterating the deep appreciation we have for our stockholders’ unrivaled enthusiasm, passion, and support,” CEO Matt Furlong said. “As we work to transform GameStop, these remain unique tailwinds for us, ones we always recognize and value.”

“When we think about the GameStop of the future, we expect our stores to help us maintain connectivity to customers and sustain localized order fulfillment capabilities across more geographies,” he said. “This is why, even as we continue evolving our ecommerce and digital asset offerings, stores will remain a critical piece of the company’s value proposition.”