GameStop Prel. Q1 Net Loss Narrows, But Sales Decline; Shares Tank In Pre-Market

(RTTNews) - GameStop Corp. (GME), a video game and consumer electronics retailer, on Friday posted a preliminary loss for the first-quarter that narrowed from last year. However, sales dropped. For the first-quarter, the company expects to post a net loss of $27 million to $37 million, compared with a net loss of $50.5 million, recorded for the same period last year.

GameStop projects selling, general, and administrative expenses of $290 million to $300 million, compared with $345.7 million in 2023.

Net sales are expected to be in the range of $0.872 billion to $0.892 billion, compared with $1.237 billion a year ago.

GME was trading down by 24.30 percent at $20.94 in the pre-market trade on the New York Stock Exchange.