Video game retail company GameStop has announced its financial results for the three months ending April 30, 2022. While hardware and accessories sales fell year on year, net sales saw growth thanks to both software and collectibles.
Hardware and accessories net sales fell 4% to $674 million, while the software side rose 21% to $483.7 million. The 26% increase in net sales of the collection helped it rise to $221 million.
The company attributed the increase in sales to new and expanded brand relationships with many companies such as Samsung, Razer, LG, and Vizio.
Operations will expand
The company’s net sales increased 8.6% year-over-year to $1.38 billion, while its net loss was $158 million, up 135%. The company recently gave details about its forward commercial operation and announced that it would establish its NFT market and increase its workforce.
In addition, GameStop was sued by a former employee last week for violating labor laws.