GameStop might be battling against online retailers such as Amazon but it says that the Nintendo Switch console has helped the company drive a healthy interest in hardware sales. The growth that the company has encountered has been tied to the strength of Nintendo’s latest home and portable console.
“For the fourth quarter as a whole, GameStop’s global sales came in at $3.5 billion, increasing by 15 percent (or 12.3 percent in constant currency) year-over-year. Of that, however. the company reported a net loss of $109.8 million for the quarter, compared to $208.7 million in profit during the same period last year.”
“First, we will be taking a pause on investing in new businesses and acquisitions and focus on the fundamentals of fixing the businesses that we already have,” said GameStop CEO Michael Mauler in that call. “We have three core profitable businesses: video games, collectibles, and technology brands. And once these businesses are operating at the level that I know they can achieve, we can then explore other opportunities to drive shareholder growth.”