Of course, GameStop management is aware of that trend, one reason the company is diversifying into accessories and reselling wireless phones. If those earnings are declining, GameStop stock is going to decline.

For full-year fiscal ending Jan. Consolidated non-GAAP EPS fell as well — albeit just 3.

GameStop Corp - NYSE:GME - Stock Quote & News - TheStreet

But the fall in GameStop earnings belies the problems in the business. Within the video game business, sales are declining — and GameStop earnings are declining at a faster pace.

After all, those locations still are in malls, where traffic continues to decline.

Trans World Entertainment Corporation NASDAQ: TWMC , whose F. That pre-owned business was the bulwark against direct online sales: If physical sales are coming back, why is GME moving so hard, and so fast into collectibles?

The effort to diversify away from physical video gaming has led to the buildout of a technology brands segment. And GME is making a big bet there.

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