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(Reuters) – Video game retailer GameStop reported a third-quarter sales decline on Tuesday, hit by a continued decline in spending at its physical stores as consumers shift to online platforms.
The company’s third-quarter revenue fell 20% to $860 million from $1.08 billion a year ago.
GameStop is facing a slower turnaround in its core business as it struggles to boost sales of video game hardware and collectibles while facing stiff competition from online retail giants such as Amazon.com and eBay.
It is also burdened by an uncertain macroeconomic environment as consumers cut back on discretionary spending due to persistent inflation and a slow recovery in the gaming market.
The company reported net income of $17.4 million in the third quarter, compared to a net loss of $3.1 million a year ago.
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(Reporting by Zaheer Kachwala in Bengaluru; Editing by Pooja Desai)
