GameStop , the video game retailer currently riding another wave of trading enthusiasm spurred on by the meme trader "Roaring Kitty," showed no signs of an operational turnaround in its dismal fiscal first-quarter results.
The company on Friday posted net sales of $881.8 million for the period, down 29% from $1.237 billion a year prior.
The sales decline was steeper than the two Wall Street analysts who cover the stock expected.
GameStop lost $32.3 million during the quarter, a narrower loss than the $50.5 million suffered in the year-earlier period.
The company also gave an update on its ongoing stock sales, saying it would sell an additional 75 million shares on top of the 45 million share sale it had announced in May that raised more than $900 million.
Persons:
Keith Gill, Roaring Kitty, —
Organizations:
GameStop