Following the Reddit-influenced Wall Street battle over GameStop's share value earlier this year, GameStop stock currently stands nearly 10 times higher than where it started in 2021. That may seem like an indication that the company is in a good place after a rough 2020, but, it remains clear the stock price is not directly driven by the company's current performance, as evidenced by GameStop's fourth quarter and fiscal 2020 results.

Net sales during the fourth quarter were $2.122 billion. That's a slight decline from the same period during the prior year, when net sales were $2.194 billion, and a miss compared to analyst expectations. For the full year, net sales were $5.090 billion, compared with $6.466 billion the year prior. Comparable store sales dropped 9.5% for the full year (e-commerce sales, as you might expect, were up significantly, increasing by 191%).

These declines are notable for occurring during an ongoing pandemic, a period which has led to an overall spike in sales for the games industry, and the launch of a new generation of consoles (PS5 and Xbox Series X|S), which also usually leads to an increase in game sales.