GameStop has reported earnings for the quarter that ended on August 3, and, to the surprise of some, the retailer has turned a profit. Despite that, GameStop's stock price is sliding--it's down 15% today--due to a downturn in sales and ongoing uncertainty about how GameStop can stay relevant and healthy long term.
For the quarter, GameStop sales slid from $1.164 billion to $798 million. Despite that, GameStop posted a net income of $14.8 million, which was a marked improvement over the company's $2.8 million loss for the same period a year ago.
GameStop's selling, general, and administrative (SG&A) costs for the period amounted to $270.8 million, compared to $322.5 million during the same period last year.
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