GameStop Corp (GME.N), the world’s largest retailer of video games, forecast a bigger-than-expected decline in same-store sales for the crucial holiday quarter, as more players switch to downloading games on their consoles.
The company said on Tuesday it expected sales at established stores to fall between 7 percent and 12 percent in the fourth quarter.
Analysts on average had expected a 7.1 percent fall, according to research firm Consensus Metrix.
GameStop’s net income fell to $50.8 million, or 49 cents per share, in the third quarter ended Oct. 29 from $55.9 million, or 53 cents per share, a year earlier.
The company’s net sales fell to $1.96 billion from $2.02 billion, the third straight decline.
The numbers were in line with the company’s preliminary estimates released earlier this month.
GameStop had then cut its full-year profit forecast, citing lower-than-anticipated sales of games released in October.
(Reporting by Anya George Tharakan in Bengaluru; Editing by Sriraj Kalluvila)