GameStop has announced that it will be closing over 300 stores this year as part of its ongoing effort to "de-densify."
According to GameStop, it closed 321 stores last fiscal year, bringing its store count to 5,500 locations.
At the moment of publishing, it's unclear what stores will be shut down, and when these shut downs will happen.
Elsewhere during the earnings call, the retailer revealed that despite coronavirus disrupting commerce across the world and forcing all GameStop stores in the United States to close, there was actually a 2% increase in store sales in March when compared to March 2019.
That said, while GameStop ended the fiscal year on a somewhat decent note, the year as a whole was a rough one for the retailer.
For the final fiscal quarter, GameStop posted a net income of $21 million.
Looking ahead, GameStop notes it's currently difficult to provide financial guidance to its investors for this fiscal year given the coronavirus. »