GameStop shares drop as executives mum on turnaround plan details

FILE PHOTO: A person walks past a GameStop in the Manhattan borough of New York City, New York, U.S., January 29, 2021. REUTERS/Carlo Allegri/File Photo

BOSTON (Reuters) -GameStop Corp, at the center of this year's "meme stock" trading frenzy, on Wednesday reported a 25% jump in quarterly sales but failed to lay out fresh details about how it plans to refashion itself into a gaming and entertainment retailer.

Fresh from raising new capital and watching its share price march higher during the second quarter, GameStop executives reported that net sales, the company's main performance metric, jumped to $1.18 billion in the three months ended July 31 from $942 million a year earlier as vaccinations encouraged people to return to its stores.