GameStop executives recently met with investors to discuss financial results from the past quarter, and their report included some concerning sales figures. GameStop's hardware sales dropped by 33.4% last quarter, and Chief Financial Officer Robert Lloyd places the blame on the console refresh rumors and announcements.
For months now, reports (which have since been confirmed) have suggested that Sony and Microsoft are working on new and improved versions of PlayStation 4 and Xbox One. GameStop saw "a noticeable drop-off in hardware sales" just prior to, during, and immediately after E3. This suggests that consumers are holding off on buying a console until the new hardware drops.