May 31, 2018 / 8:20 PM / in 21 days

GameStop same-store sales miss estimates, shares fall

(Reuters) - .GameStop Corp (GME.N) on Thursday reported first-quarter same-store sales that missed analysts’ estimates due to a drop in sales of video game hardware and software at its outlets.

A GameStop store is photographed in Austin, TX, U.S., March 26, 2018. Picture taken on March 26, 2018. REUTERS/Mohammad Khursheed

Shares of the world’s largest video game retailer fell 4 percent to $12.65 in extended trading.

GameStop said its comparable store sales fell 5.3 percent in the latest quarter ended May 5. Analysts on average had expected a 4.2 percent drop in same store sales, according to Thomson Reuters I/B/E/S.

The company on Thursday also named board member Shane Kim interim chief executive officer.

GameStop has been facing a slew of management changes after Chief Executive J. Paul Raines passed away in March. Mike Mauler, who was named Raines’ successor, resigned citing personal reasons earlier in May.

The company’s net income fell to $28.2 million, or 28 cents per share, from $59 million, or 58 cents per share, a year earlier.

Net sales fell 5.5 percent to $1.93 billion.

(This story has been refiled to remove extraneous character in paragraph 1)

Reporting by Arjun Panchadar and Ankit Ajmera in Bengaluru; Editing by Anil D'Silva

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