GameStop Shares Down 9% After Company Reports Falling Sales

GameStop Corp. shares tanked 9% late Thursday after the specialty retailer reported falling quarterly sales and said its video-game category was "weak," particularly in the second half of the year. The company said it earned $208.7 million, or $2.04 a share, in the fourth quarter, compared with $247.8 million, or $2.36 a share, in the year-ago period. Adjusted for one-time items, GameStop earned $243.8 million, or $2.38 a share, compared with $2.40 a share a year ago. Total sales fell 14% to $3.05 billion in the quarter, and comparable-store sales fell 16%. Analysts polled by FactSet had expected adjusted earnings of $2.29 a share on sales of $3.06 billion. Shares ended the regular trading session down 0.5%.