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Holiday Sales Dropped for GameStop in 2018 Compared to 2017

Video game retailer GameStop saw a 5% drop in global holiday sales compared to the same nine-week holiday period in 2017, the company reported today.

Total global sales for the holiday period were $2.63 billion.

New hardware sales dropped 6.1%. That drop, GameStop says, was because of 2017’s strong Xbox One X sales, but was also offset by strong growth in Nintendo Switch sales. New video game sales dropped 8.3%, driven primarily by the difference in launch timing of Activision’s Call of Duty: Black Ops 4 which released in October 2018, compared to Call of Duty: WWII which released in November 2017, the company said. Pre-owned sales dropped 16.4%.

Video game accessories sales grew 28.7%  while collectibles sales increased 3.7% to $219.2 million. Finally, digital receipts increased 16.8% to $352.9 million driven primarily by strength in sales of digital currency.

GameStop says it plans to report its fourth quarter and full fiscal year 2018 results in late March and will provide fiscal 2019 guidance at that time.

Earlier this week, GameStop reported that it will use proceeds from the recent $700 million sale of its Spring Mobile business to reduce outstanding debt, repurchase shares, or reinvest in the core gaming and collectibles business.

Despite being the largest brick-and-mortar games retailer in the U.S., the company has struggled with its relevance in an era of digital game sales and popular online retailers like Amazon which offers more competitive pricing and direct shipment to consumers.GameStop continues to engage with third parties about a possible sale.

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