GameStop reported a nearly 22 per cent rise in second-quarter revenue on Tuesday, as the videogame retailer’s efforts to revive its struggling business began to pay off, sending its shares up about 3 per cent in extended trading.
The company’s revenue increased to $972.2 million during the period, compared with $798.3 million a year ago.
Once a dominant force in physical retail, GameStop has seen its market share erode over the years due to its slow shift toward digital purchases, while e-commerce giants such as Amazon have become go-to destinations for gaming and general merchandise.
Still, the company’s collectibles business has shown resilience, with revenue surging 63 per cent in the second quarter, as a strong merchandising strategy centered on pop culture attracted a diverse consumer base.
- Reporting by Zaheer Kachwala in Bengaluru; Editing by Shilpi Majumdar, of Reuters.
