Videogame retailer GameStop cuts same-store sales, profit outlook

FILE PHOTO: The GameStop store sign is seen at its shop in Westminster, Colorado January 14, 2014. REUTERS/Rick Wilking

(Reuters) - Videogame retailer GameStop Corp GME.N on Monday cut its fiscal 2019 outlook for profit and same-store sales as customers delayed console purchases ahead of new launches, sending its shares down nearly 11% in extended trading.

The company now expects full-year earnings to be below its prior forecast of between 10 cents and 20 cents per share and comparable store sales to decline between 19% and 21% compared with prior estimate of a drop in the high-teens.

“The accelerated decline in new hardware and software sales coming out of black Friday and throughout the month of December was well below our expectations, reflective of overall industry trends,” Chief Executive Officer George Sherman said in a statement.

Reporting by Shanti S Nair in Bengaluru; Editing by Arun Koyyur