Summary by Futu AI
GameStop Corp. reported a significant decrease in net sales and a reduced operating loss for the quarter ended May 4, 2024. Net sales fell by 28.7% to $881.8 million from $1,237.1 million in the same period last year. The operating loss improved slightly to $50.6 million from $58.4 million. The company saw a decrease across all geographic segments, with the United States, Canada, Australia, and Europe experiencing sales declines of 25.8%, 32.1%, 31.0%, and 37.2%, respectively. Gross profit also declined by 14.9% to $244.5 million, but gross profit as a percentage of net sales increased to 27.7% from 23.2% in the prior year. Selling, general and administrative expenses decreased by 14.6% to $295.1 million, reflecting the company's cost reduction efforts. Net interest income rose to $14.9 million due to higher returns on invested cash and securities. The...Show More