Friday, January 27, 2023

GameStop reports decline in revenue and sharp decrease in cash

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  • GameStop reported Wednesday a decline in fiscal third quarter sales.
  • The company said inventory was slightly down from the same period last year.
  • The brick-and-mortar retailer has been working to strengthen its place in the digital world.

The retailer continued to hold a lot of inventory on its balance sheet: $1.13 billion at the end of the quarter, although slightly down from $1.14 billion at the same time last year. Like other retailers, GameStop has been dealing with a backlog of inventory after intentionally bulking up on merchandise to contend with higher customer demand and supply chain issues. 

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Disclaimer: This story is generated from RSS Feed and has not been created or edited by Waba News. Publisher: CNBC

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