The PS4 and Xbox One are clearly approaching the end of their main lifecycles, and that's doing serious damage to GameStop's bottom line. The video game store's Q1 profits fell to $6.8 million, just a quarter of what they were a year earlier, based on a steep 35 percent drop in new hardware sales. And that's after accounting for the Nintendo Switch's strong performance. While GameStop didn't explain the decline, gamers knew the next PlayStation and Xbox "Scarlett" were on the horizon -- there wasn't much point to buying a current-gen system. The much gentler dip in software sales (4.3 percent) reinforced this.