Microsoft Xbox Halo Reach Video Game Released
Photograph by Guido Krzikowski — Bloomberg/Getty Images

GameStop Forecasts Consoles Will Attack Retail Sales

Nov 22, 2016

GameStop, the world's largest retailer of video games, forecast a bigger-than-expected decline in same-store sales for the crucial holiday quarter, as more players switch to downloading games on their consoles.

The company said on Tuesday it expected sales at established stores to fall between 7% and 12% in the fourth quarter.

Analysts on average had expected a 7.1% fall, according to research firm Consensus Metrix.

Get Data Sheet, Fortune’s technology newsletter.

GameStop's (gme) net income fell to $50.8 million, or 49 cents per share, in the third quarter ended Oct. 29 from $55.9 million, or 53 cents per share, a year earlier.

The company's net sales fell to $1.96 billion from $2.02 billion, the third straight decline.

How Video Games Could Help Treat Brain Disorders

The numbers were in line with the company's preliminary estimates released earlier this month.

GameStop had then cut its full-year profit forecast, citing lower-than-anticipated sales of games released in October.

All products and services featured are based solely on editorial selection. FORTUNE may receive compensation for some links to products and services on this website.

Quotes delayed at least 15 minutes. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions