The company earned $1.34 per share on revenue of $2.12 billion in the fiscal period of January 2021. The fiscal fourth-quarter earnings make up most of the game retailer’s yearly earnings. Meanwhile, the same-store sales surged 6.5% last quarter. GameStop CEO George Sherman explained that February store sales increased 23%.
“As we look ahead, we are excited by the opportunities that are in front of us as we begin prioritizing long-term digital and E-Commerce initiatives while continuing to execute on our core business during this emerging console cycle,” Sherman said in the earnings release.
Reddit Brought GameStop Back to Life
In January, Reddit group R/WallStreetBets drove the GME stock to its all-time high price of $484 before it plunged back to $46 in February. The epic frenzy counter-attacked Wall Street giants and hedge funds’ move to short-sell the GME stock to make a profit.
Short-sellers argued that the reason behind short-selling the GME stock was that GameStop failed to transition to e-commerce. However, Redditors believed that the game retailer will be back on its feet, and invested heavily in the stock.
