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GameStop shares fall after it files to sell securities, says first quarter sales declined

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GameStop shares fall after it files to sell securities, says first quarter sales declined

Omar Marques | Lightrocket | Getty Images

GameStop shares tumbled 17% in premarket Friday after the video game retailer said it plans to sell securities and reported preliminary results that showed a sales decline in the first quarter.

The firm said it now expects net sales to be in the range of $872 million to $892 million, down from compared to $1.237 billion in the same quarter last year. Two analysts polled by FactSet expected first quarter revenue of around $1 billion.

The brick-and-mortar video game company has been grappling with stiff competition from e-commerce-based competitors.

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