Gamestop’s first quarter of the 2019 fiscal year has wrapped up and their report shows that hardware and software sales have, again, declined. This is certainly not good news for the brick and mortar gaming giant who failed to sell their company last year. Overall, they reported a 13.3% decrease in sales.
Despite the 13% drop, Gamestop is still taking in quite a high revenue. Sales were reported at $1.5 billion, which was down from the previous quarter’s $1.8 billion. Hardware sales took the biggest hit as it saw a 35% decrease in sales in that category alone. This is something to be expected with both Sony and Microsoft gearing up to, eventually, talk about their next-gen video game consoles. Most people are waiting for that news to drop before making a decision on buying a console. Either that, or we are so far into the current gen’s lifecycle, everyone who would buy a console already owns one.
CEO George Sherman stated that they are looking to execute a multi-year transformation for the gaming franchise. He wants to focus on elements of their business that are meaningful to their future. It makes you wonder if Gamestop could become a one-stop shop for all digital titles since that’s the direction the game industry is heading. Only time will tell!