GameStop posts lower sales, reduced losses
Retailer sees sales slump across the board, but narrows losses from $92.6 million in the year-ago quarter to $3.1 million
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GameStop released its financial results for the three months ended October 28, 2023, showing a dip in revenues, narrowed losses, and not much else.
Here's what you need to know:
The Numbers
- Net Sales: $1.08 billion, down 9% year-on-year
- Net loss: $3.1 million, compared to a loss of $92.6 million in Q3 2022
- Hardware and accessories net sales: $579 million, down 8% year-on-year
- Software net sales: $321 million, down 9% year-on-year
- Collectibles net sales: $178 million, down 14% year-on-year
The Highlights
GameStop's third quarter results continued the company's pattern of providing limited insight into its business, offering minimal context for the basic numbers it reports each quarter.
The company noted that its selling, general, and administrative expenses are shrinking, as they were equivalent to less than 28% of this quarter's revenues, compared to the nearly 33% they measured in the year-ago quarter.
Much like last quarter, GameStop also trimmed its net losses significantly, as it only lost $3.1 million compared to the $94.7 million it lost in last year's third quarter.
Beyond that, it said the only long-term debt it holds is a low-interest loan tied to the French government's pandemic response.
Once again, GameStop did not hold a conference call with investors and gave no outlook for its performance in the current quarter.