GameStop Shares Plunge To New 52-Week Low Following Narrowed Outlook

Shares of GameStop Corp. GME plunged by more than 8 percent and hit a new 52-week low of $26.31 after the company narrowed its earnings and same-store sales outlook for both the fourth quarter and full fiscal year 2015. GameStop said that it now expects to earn $2.19 to $2.25 per share in the fourth quarter. The company previously guided its earnings forecast to a range of $2.12 to $2.32 per share. Wall Street analysts were expecting GameStop to earn $2.23 per share in the quarter. GameStop also narrowed its full year fiscal 2015 earnings outlook to a range of $3.69 to $3.75 from a prior range of $3.66 to $3.86. Wall Street analysts were expecting GameStop to earn $3.72 per share in the full fiscal year. GameStop also narrowed its fourth quarter same-store sales outlook from -1 to +6 percent to +2.5 to +4.0 percent. The company similarly lowered its full year same-store sales outlook from +2.0 to +6.0 percent to a new range of 4.0 to 5.0 percent.