Summary by Futu AI
GameStop Corp. released its financial results for the fourth quarter and fiscal year ended February 3, 2024, on March 26, 2024. The report highlighted a net sales decrease to $1.794 billion in the fourth quarter from $2.226 billion in the previous year's quarter. However, net income increased to $63.1 million from $48.2 million in the prior year's fourth quarter. For the fiscal year 2023, net sales were $5.273 billion, down from $5.927 billion in fiscal year 2022, while net income was $6.7 million, a significant improvement from a net loss of $313.1 million in fiscal year 2022. The company also reported an adjusted EBITDA of $64.7 million for fiscal year 2023, compared to an adjusted EBITDA loss of ($192.7) million for fiscal year 2022. Additionally, GameStop announced the promotion of Daniel Moore to Principal Financial Officer, effective March 25, 2024. The company will not be holding a conference call regarding these announcements. The full financial details are available in GameStop's Form 10-K and on their investor relations website.