GameStop reports $ 673 million in full year loss – Game Rant
Writing on the wall for the video game chain GameStop has not looked good for some time. The company has consistently absorbed significant revenue losses in recent years, as it seeks to find ways to remain relevant in an ever-growing digital ecosystem. These shortcomings continue to present themselves, while GameStop reports a huge loss during the previous fiscal year.
While GameStop's financial year in 2018 officially closed on February 2, the company reported a total year-round loss of $ 673 million. This is disturbing news for the dealer who was in the process of negotiating almost a year ago. While the company revealed that it had stopped searching for a buyer, the advertising showed a sharp decline in stock prices and stressed that the market's lack of faith in the future of retail businesses is a sustainable investment.
Gamestop has been trying in recent years to take new business practices in an effort to remain competitive in the gaming area. Increasing the sales prices of physical purchases, adding a new level to the Power Up Rewards program, offering the opportunity to buy digital codes in the store, demonstrating the company's flexibility, has not been a great success in the long run. Last year, GameStop completed its Elite Power Up Rewards program, and later Sony has stepped in and said it would soon stop selling digital codes in stores.
At other times, the dealer failed when he tried to connect with consumers. From unsuccessful attempts to crack jokes on match royally through the later upcoming release of Madden 19 to pre-order issues causing customers to lose reserved copies for the PS4 package Kingdom Hearts 3 Consumers began turning to other sites like Amazon to fill their physical game needs, digging a bigger hole for GameStop to try to crawl out.
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At least, GameStop appears to find new ways to adapt to an ever-evolving consumer market. The rumors have spun around that the company's new CEO, George Sherman, will push for a new vision that would make the GameStop a more "cultural experience". It's no secret, the company can no longer survive as a prominent video game dealer, with partnerships like ThinkGeek becoming an extra way to store shelves with clothes and physical goods. However, whether the shift to this new vision can rejuvenate the profits of GameStop remains to be seen.
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