GameStop reports $0.882 billion in net sales for Q1 2024, with a net loss of $32.3 million

From GlobeNewswire: 2024-06-07 06:05:00

_GameStop Corp. reported net sales of $0.882 billion for Q1, down from $1.237 billion the same period last year. SG&A expenses totaled $295.1 million, representing 33.5% of net sales. The Company reported a net loss of $32.3 million, compared to $50.5 million in Q1 2023._

_As of May 4, 2024, GameStop had cash, cash equivalents, and marketable securities worth $1.083 billion. Long-term debt is low, with an unsecured term loan linked to COVID-19 relief from the French government. The company will not be holding a conference call._

_GameStop may use non-GAAP measures, such as adjusted SG&A expenses and EBITDA, which exclude certain costs. These measures provide additional insight for investors. Forward-looking statements note risks like market conditions and supply chain disruptions affecting financial performance._

_In Q1, GameStop’s gross profit was $244.5 million, down from $287.3 million in the prior year. Operating loss was $50.6 million. Losses per share were $0.11 basic and diluted. Net assets by May 4, 2024, totaled $2.587 billion._

_Cash flow from operating activities saw a net loss of $32.3 million, with adjustments including depreciation and stock-based compensation. Changes in operating assets and liabilities impacted cash flows. Investing activities did not provide detailed figures in the report._



Read more at GlobeNewswire:: GameStop Discloses First Quarter 2024 Results