The retail doom and gloom continues. GameStop (GME) shares plummeted Friday after reporting a 16.4% decline in year over year sales during the holiday shopping season. Same-store sales, or sales at stores open more than a year, were down 18.7% in the nine weeks prior to Dec. 31. The declines come amid disappointing sales for the "Call of Duty: Infinite Warfare" game by Activision Blizzard (ATVI) . Same-store sales for December alone declined by a lesser 13%.
"During the holiday period, sales in the video game segment were impacted by industry weakness, promotional pricing pressure and lower in-store traffic, amidst a difficult holiday season for many retailers," CEO Paul Raines said in a statement.