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A GameStop store in Brooklyn, New York, on January 28, 2021.
Spencer Platt / Getty Images
GameStop’s
The fourth-quarter tax benefit report is due to be released after the market closes on Tuesday. Placer.ai data indicates that foot traffic trends in stores were mostly stable in January, but that they recovered in recent weeks.
Placer.ai tracked the visitor count, noting that GameStop (ticker: GME) weekly visits fell by about 18% year-on-year during the week of December 28th. the next four weeks.
The retailer has seen improving trends after the week began on February 15, when foot traffic fell 26% year-on-year. Weekly visits were down just 3.9% during the week that began March 8th. The company notes that it is the narrowest year-on-year gap for GameStop in months.
“GameStop has revisited the levels that were found in early January and appears to have a strong recovery trajectory into the spring,” Ethan Chernofsky, vice president of marketing for Placer.ai, wrote in a post.
While the reduction in Covid-19 restrictions in some states, along with a less severe climate, could be the main factor leading to improved visits, Chernofsky notes that the brand could also be driven by renewed attention. of the recent GameStop action saga
According to FactSet, Wall Street’s consensus estimate calls for in-store sales growth of 4.7% year-over-year during the fourth fiscal quarter, which ended in January. The company announced on Jan. 11 that in-store sales increased 4.8% during the nine-week holiday period, which ended Jan. 2. However, e-commerce sales increased by 309%, meaning foot traffic may not give the full picture.
The Placer.ai team notes that AMC Theaters also experienced a rise from a year-on-year decline of 79.2% during the week of February 15 to a year-on-year decline of 47.9% during the week of February 8. March.
AMC Entertainment Holdings
shares (AMC) have risen 489% to date, while GameStop shares have risen 932%.
Write to Connor Smith at [email protected]