GameStop retail stores saw 13 percent revenue drop in the fourth quarter

GameStop said that revenues for its fourth quarter ended January 28 dropped 13.6 percent to $3.05 billion, while net income was down 18 percent to $208.7 million. On an adjusted basis, earnings were $243.8 million, down 3 percent from a year ago. Those earnings were below analysts’ expectations.

The world’s biggest game retail store operator said that overall video game sales were weak, particularly as the consoles show their age. But non-gaming businesses helped stabilize the company’s financial picture. GameStop’s fourth quarter GAAP net earnings were $208.7 million, or $2.04 per diluted share, compared to net earnings of $247.8 million, or $2.36 per diluted share in the prior-year quarter.