GameStop Corp. (GME - Get Report) shares plunged Wednesday after the the world's largest video game retailer posted weaker-than-expected first quarter profits and said it wouldn't give guidance on earnings for the full year.

GameStop said adjusted earnings for the three months ending on February 2, the company's fiscal first quarter, came in at $1.45 per share, down 16.7% from the same period last year and well shy of the Street forecast of $1.58 per share. Group revenues, the company said, fell 7.6% to $3.1 million and again missed the consensus forecast of $3.28 billion.

Looking into the full 2019 year, GameStop said it sees both total and comparable sales falling between 5% and 10% from the prior year period but said it would not provide earnings guidance until an "appropriate" time later in the year, even as it said fiscal first quarter earnings could be as much as 5 cents per share.

"As we shared in our earnings release, given the many variables around our profit improvement initiatives, the hiring of George as our new CEO and other strategic initiatives under consideration, we decided not to provide our typical annual earnings per share guidance at this time," CFO Robery Lloyd told investors on a conference call late Tuesday.

"As our initiatives take shape, we will look to update investors as appropriate," he added. "That said, we've decided to provide first quarter guidance given we're two-thirds through the fiscal quarter. We're also providing sales metrics based on what we see in the industry today and what we expect for the remainder of the year."

GameStop shares were marked 11.6% lower at the start of trading to change hands at $9.00 each, a move that would extend the stock's year-to-date decline to around 30% and value the Grapevine, Texas-based group at around $900 million. 

Credit Suisse analyst Seth Sigman, who cut his price target on the group by $1 to $10 a share with an underperform rating, said it would be "difficult to envision flow through given sales decline" from the group's $100 savings program, which it unveiled last night.

"GameStop is guiding to 2019 comps of -5 to -10%, below consensus of -3.6%, which along with minimal benefit from the announced cost savings program will drive EBIT margin deleverage worse than consensus -70bps, implying full year EPS well below consensus $2.00," he said. "We wonder if this is a bit of a pre new-CEO reset but still struggle to see a meaningful change in category trends, as well as the opportunity to achieve the aforementioned cost savings without needing to reinvest to drive sales."