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GameStop | 8-K: GameStop Discloses First Quarter 2024 Results

SEC announcement ·  Jun 7 18:21
Summary by Futu AI
On June 7, 2024, GameStop Corp. released its financial results for the first quarter ending May 4, 2024. The company reported net sales of $0.882 billion, a decrease from $1.237 billion in the previous year's first quarter. Selling, general and administrative expenses were $295.1 million, representing 33.5% of net sales, compared to $345.7 million or 27.9% in the same period last year. GameStop experienced a net loss of $32.3 million, which is an improvement from a net loss of $50.5 million in the prior year's first quarter. The company's cash and cash equivalents, along with marketable securities, totaled $1.083 billion at the end of the quarter. GameStop highlighted that it will not be holding a conference call in conjunction with the report release. The company also provided non-GAAP financial...Show More
On June 7, 2024, GameStop Corp. released its financial results for the first quarter ending May 4, 2024. The company reported net sales of $0.882 billion, a decrease from $1.237 billion in the previous year's first quarter. Selling, general and administrative expenses were $295.1 million, representing 33.5% of net sales, compared to $345.7 million or 27.9% in the same period last year. GameStop experienced a net loss of $32.3 million, which is an improvement from a net loss of $50.5 million in the prior year's first quarter. The company's cash and cash equivalents, along with marketable securities, totaled $1.083 billion at the end of the quarter. GameStop highlighted that it will not be holding a conference call in conjunction with the report release. The company also provided non-GAAP financial measures, which they believe offer additional insight into their core operating performance. These measures exclude certain costs such as transformation costs and asset impairments. GameStop's forward-looking statements indicate management's expectations for future operations, margins, profitability, and other financial aspects, while also acknowledging the risks and uncertainties that could cause actual results to differ materially.

This announcement is a separate document:

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