GameStop (NYSE: GME) reported Q1 EPS of ($1.61), $0.34 worse than the analyst estimate of ($1.27). Revenue for the quarter came in at $1.02 billion versus the consensus estimate of $1.07 billion.

• Comparable Store Sales Declined 17% Excluding Stores Closed Due to COVID-19 with Majority of Locations Limited to Curbside Pickup

2020 Outlook (52-weeks ending January 30, 2021)

The Company is closely monitoring the dynamic situation around COVID-19 and potential impacts on its business. Despite an initial surge in demand in its product offerings when the global outbreak began, given the uncertainty around the evolving situation, the Company has suspended guidance at this time.

The Company continues to focus on efforts that position it to manage through this unprecedented time, such as maintaining its balance sheet strength, prioritizing the allocation of resources to areas of the business that produce strong cash flow, reducing expenses across the business and intensifying inventory discipline. Given these efforts and the expected trajectory of the business, the Company anticipates it will generate positive adjusted EBITDA for fiscal 2020.

The Company noted that fiscal May comparable store sales declined approximately 4%, as heightened demand for its product offerings was tempered by the expected decline in sales as a result of the final stage of a hardware console cycle and the shift of several key new software titles to later in the year. Importantly, the strength of E-Commerce sales continued in May, with global E-Commerce growth in fiscal May up over 1400%.

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