GameStop's (NYSE: GME) stock recently plummeted after it revealed that its comparable-store sales plunged 24.7% during the nine-week holiday period, marking a nasty deceleration from its 1.5% comps growth a year earlier. Its total quarterly revenue fell 27.5% to $1.83 billion.
GameStop blamed the decline on "overall industry trends impacting the video game industry and driven by an accelerated decline in new hardware and software sales, particularly in the month of December."
CEO George Sherman noted that GameStop had "expected a challenging sales environment for the holiday season" as customers delayed their purchases ahead of new console launches in late 2020, but admitted that its sales after Black Friday and throughout December had been "well below" its expectations.