Electronic game maker and retailer GameStop Inc. (GME.
N) is on track to sell more than $1 billion worth of gaming equipment during the Christmas season, a new report shows.GME, which was founded in 2015, said it sold an average of more than 1.3 million games during the month of December.
It has since added more than 100 titles to its lineup.GEM, a unit of Hasbro Inc., reported a net loss of $1.9 million for the fiscal second quarter, with sales up by $300 million from a year ago.
That beats Wall Street analysts’ estimates of a loss of about $700 million.
The company, which operates in the United States, Canada, Mexico and Asia Pacific, has seen its stock surge about 15% over the past year, according to data compiled by Bloomberg.GMA’s report showed that its games and accessories sales jumped by an average 1.1% during the period, which ends Dec. 31.
Its gaming division, GameStop, is still operating below the industry’s average of $4.3 billion in sales per quarter.GMI’s gaming unit, which sells software for consoles, PCs and mobile devices, is a key part of the retailer’s sales.
The company reported revenue of $2.9 billion during the quarter.