Ailing video game retailer GameStop reported its fourth-quarter 2020 earnings on Tuesday afternoon, which also included the company's fiscal year results ending February 1, 2021.
The company's report came in shy of analyst expectations for the year, with $5 billion in revenue — a decrease from the previous fiscal year revenue of $6.4 billion dollars. For the fourth quarter, GameStop similarly missed expectations, with $2.1 billion in revenue.
The company lost $215 million in the 12 months ending February 1, 2021.
Despite the massive impact of the pandemic on video game sales in 2020, GameStop failed to reach analyst expectations.
"Our emphasis in 2021 will be on improving our E-Commerce and customer experience, increasing our speed of delivery, providing superior customer service and expanding our catalogue," GameStop CEO George Sherman said in a press release.
Moreover, the company highlighted supply constraints with new game consoles from Sony's PlayStation and Microsoft's Xbox as a mitigating factor.
GameStop stores "experienced unprecedented demand for recently launched gaming consoles," the company said in January. "While consumer demand far outpaced constrained supply," the statement said, "these products will drive sales well into 2021 as console availability from our suppliers improves later in the year." Sony has said it expects to have a more steady supply of its wildly popular PlayStation 5 console by some time in the fall.
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