A videogame retailer without games? The new GameStop seems to think it is at least plausible.
The retail chain’s fiscal third-quarter results reported late Wednesday showed the company’s third consecutive period of double-digit sales growth. Revenue jumped 29% year over year to about $1.3 billion. That was ahead of the $1.2 billion consensus target of the few Wall Street analysts still willing to cover the meme-addled stock. But merchandise inventory also exploded by 91% from the previous quarter—the biggest sequential jump in more than a decade as the company claimed it was “front-loading investments” to meet increased demand and mitigate supply-chain issues. GameStop’s share price fell 10% Thursday.
