The statement begins by saying that the company will begin to re-open Gamestop stores in the United States (after they were all ordered to close due to lockdowns). The most interesting takeaway from the report for us locally is that Australian stores remained 100% open, and also saw a 64% sales increase during the month of March (against the same period of time in March 2019).
March was a fairly large month with Animal Crossing, Resident Evil 3, DOOM: Eternal, Persona 5 as well as Final Fantasy VII Remake all hitting stores. These would have definitely helped the sales increase, but there was a also a huge rush in console purchases such as the Nintendo Switch and PS4 Pro. Final Fantasy VII hitting 10 days early would have driven a large increase of sales during this time as well.
Gamestop has also announced that the CEO will take a 50% pay cut, the CFO will take a 30% pay cut and the Boards of Directors will see a reduced cash compensation of 50%. Certain employees will take a pay cut of 10% and 30% (this appears to be in the United States).
With EB Games announcing in January that some unprofitable stores around the country would be closing, this will no doubt help their Australian business.
