GameStop announced its fourth quarter results on Tuesday, noting that global e-commerce sales were up 175% while net sales were down.
The company said global e-commerce sales represented 34% of net sales for the fiscal year ended Jan. 30. .
Net sales fell to $ 2.122 billion from $ 2.194 billion in 2019, lower than analysts had previously predicted, Reuters reports. The company says it has “strategically de-densified” its store base by closing 693 stores in 2020 and shifting sales to online platforms in response to COVID-19 restrictions.
GameStop has said it will focus on improving delivery speeds and continuing to scale up its e-commerce efforts in 2021. The company also announced the appointment of Jenna Owens as COO. Owens previously held executive positions at Amazon and Google.
GameStop gained notoriety this year after amateur traders gathered in droves to buy cheap shares of the company and push prices up, despising the hedge funds that had bet on its demise. Interest in the stock has caused its stock prices to fluctuate erratically in recent weeks. HBO announced last month that it would be developing a scripted film based on the financial outsider’s recent success.