GameStop (GME– Receive a report Shares skyrocketed on Wednesday as investors responded to the newly-named board members of the video game retailer and boosted holiday sales.
Shares of Grapevine, Texas, the company in the latest investigation, rose 68 percent to $ 33.45.
Earlier this week, the retailer reached a deal with RC Ventures to drop the list of nominees from three New York investors: Alan Attal, Ryan Cohen and Jim Grube.
A statement from GameStop said the three executives had “Deep expertise in ecommerce, online marketing, finance and strategic planning”
;The addition of Cohen and the other new directors has been a positive for their success at Chewy. (all– Receive a report And a vision to “make GameStop a more digitally focused retailer,” Telsey analyst Joseph Feldman wrote in a memo on Tuesday, according to Bloomberg.
Cohen is RC Ventures manager and co-founder of pet accessories specialist Chewy.com, which PetSmart bought in 2017 for $ 3.35 billion.
In November, RC Ventures called on the company to conduct a strategic review of its business and focus on digital sales.
The company, in a December filing to the Securities and Exchange Commission, expressed its willingness to engage with the company “to create the best results for all shareholders.”
The company also reported a fourfold increase in e-commerce sales over the nine-week holiday shopping season. That figure accounts for about 34% of all sales.
Annual e-commerce sales moved above $ 1.35 billion, GameStop said, exceeding the company’s $ 1 billion target, comparable sales, up 4.8 percent.
GameStop said in a statement it had seen “Demand was unprecedented for the newly released game console, and while consumer demand surpassed limited supply in nine weeks, the company believes these products will drive sales well in the year.” 2021 due to the availability of consoles from our supplier Better later this year “
