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June 7 (Reuters) - GameStop reported a decline in first-quarter net sales on Friday, as customers transition to buying video games and collectibles online, while the retailer largely relies on brick and mortar stores.
The company posted net sales of $881.8 million in the quarter ended May 4, compared with $1.24 billion in the same period a year earlier. The sales decline was steeper than the two Wall Street analysts that cover the stock expected. Their estimates were in a range of $900 million to $1.09 billion per FactSet.
GameStop lost $32.3 million during the quarter, a narrower loss than the $50.5 million suffered in the year-earlier period.
The company also gave an update on its ongoing stock sales, saying it would sell an additional 30 million shares on top of the 45 million it had already sold.
The first quarter results came as a surprise. The company, which will be the subject of a YouTube livestream by meme trader "Roaring Kitty" later Friday, was supposed to release results next week. The shares tumbled 16% in premarket trading, erasing earlier gains.