(Bloomberg) -- GameStop Corp., the video-game retailer, reported sales that fell short of analysts estimates on Wednesday.
The Grapevine, Texas-based company posted sales of $1.08 billion in its fiscal third quarter, a 9% decline from the same period a year ago. Analysts were projecting $1.18 billion, based on estimates compiled by Bloomberg.
Sales fell in all three of GameStop’s major categories — software, hardware and collectibles. The company reported a 1-cent loss, ahead of expectations for a loss of 7.7 cents, as expenses were lower.
The company has struggled to find its footing after the bulk of video-game sales shifted to digital marketplaces. The chain has closed over 1,000 stores in recent years.
In September, GameStop’s executive chairman and largest shareholder Ryan Cohen also took on the job of chief executive officer.
On December 5, GameStop’s board approved a new policy that gives Cohen authority to manage the company’s investment portfolio, according to a filing Wednesday.
The billionaire founder of pet food retailer Chewy.com may invest in the same companies in which GameStop puts its money. The board may also approve nonconforming investments or modify the investment policy from time to time, according to the filing.
The company has traditionally put excess cash in investment grade short-term income securities, it said. GameStop had $909 million in cash and equivalents and $300.5 million in marketable securities at the end of the quarter.
(Adds investment policy change in last paragraphs.)
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