Gamestop revenue dips as it pulls nearly $6bn in 2022

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Video game retailer GameStop has seen a 1.4% dip for the fiscal year 2022 as it amassed $5.93 billion in net sales. Meanwhile, the company reported that net sales hit $2.2 billion during its fourth quarter, a decrease of 1.2% year-over-year.

The company released its financial results for the 12-month period that ended on January 28, 2023. Here's what you need to know:

The Numbers:

In the fiscal year 2022:

• Net sales: $5.9 billion, down 1.4% year-over-year
• Net loss: $313 million, compared to $381.3 million in 2021
• Hardware and accessories: $3.14 billion, down 1% year-over-year
• Software: $1.82 billion, down 9.5% year-over-year

In Q4 2022:

• Net sales: $2.2 billion, down 1.24% year-over-year
• Net income: $48.2 million, compared to net loss of $147 million in 2021
• Hardware and accessories: $1.24 billion, up 4.5% year-over-year
• Software: $670 million, down 14.7% year-over-year

The Highlights:

Gamestop's full-year net loss reached $313 million, by comparison the figure was $381.3 million in 2021. The retailer's collectibles business segment was the only positive performer, increasing 17% to $964.6 million in 2022.

Hardware and accessories accounted for 53% of the year's earnings, while video game software comprised 31% of net sales.

During Q4 2022, net income hit $48.2 million, during the same period last the figure was a net loss of $147 million. It was the first profitable quarter for GameStop in several years.

The quarter saw its hardware and accessories and collectible divisions increase revenue year-on-year. Hardware and accessories were up 4.5%, which amassed 1.24 billion during the three months.

Meanwhile, collectibles pulled in $313.2 million, up 12% compared to last year.

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