The fourth quarter earnings report is due after market close on Tuesday. Data from Placer.ai indicates that foot traffic trends in stores were mostly flat in January, but have rebounded in recent weeks.
Placer.ai tracked the number of visitors, observing that weekly GameStops visits (ticker: GME) were down about 18% year-over-year during the week of December 28. That drop narrowed to 12% the following week, but visitor trends declined for the next four weeks.
The retailer saw an improvement in trends after the week that began Feb. 15, when foot traffic was down 26% year-over-year. Weekly visits fell only 3.9% in the week that started March 8. The firm notes that the narrowest annual gap for GameStop in months.
GameStop has returned to visit levels found in early January and appears to be on a solid recovery trajectory as spring approaches, Ethan Chernofsky, vice president of marketing at Placer.ai, written in a message.
While a reduction in Covid-19 restrictions in some states, coupled with less severe weather conditions, could be the main driver of improved visits, Chernofsky notes that the brand could also see renewed attention from the recent saga of GameStop actions.
According to FactSet, Wall Streets’ consensus estimate projects same-store sales growth of 4.7% year-over-year in the fiscal fourth quarter, which ended in January. The company announced on Jan.11 that same-store sales rose 4.8% during the nine-week vacation period, which ended on Jan. 2. Still, e-commerce sales grew 309%, which means foot traffic may not give the full picture.
The Placer.ai team notes that AMC Theaters also saw a rebound from a year-over-year decline of 79.2% in the week of February 15 to a year-over-year decline. the other by 47.9% during the week of March 8.
AMC Entertainment Holdings
(AMC) is up 489% year-to-date, while GameStop stock is up 932%.
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