2018 was a sucky year for a lot of people, but definitely for them.
It’s not exactly a secret that GameStop has been struggling a bit as of late. But last year apparently hit them harder than we thought. Because the company announced a loss of $673 million for last year.
Per GameIndustry.biz, the company revealed that the loss was attributed to a 3% ($8.29 million) decrease in net sales. The company also noted that at least some of this loss was also due to the fact that their numbers for the year were compacted into a 52 week period,rather than their usual 53 week period.
GameStop is, however, working on multiple ways of increasing their profit, though; namely, an increased focus on collectibles and entertainment business, such as GameStop TV. From GameStop COO and CFO Rob Lloyd’s report:
We are pleased to have delivered fiscal 2018 results within our adjusted guidance range, which included fourth quarter and full year sales growth across video game accessories, collectibles and digital. Excluding the impact of the 53rd week in fiscal 2017, new hardware sales for the year were in line with last year. As we think about 2019 and beyond, we recognize the challenges facing our pre-owned video game business and are prepared to address them as we continue to evolve our business model going forward.
Rob Lloyd, GameStop COO, CFO
GameStop plans on becoming more efficient, and cutting costs in the coming year. But even taking that into account, the company projects that sales will be down 5-10% this year.
Source: Prima Games
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