Mar 26, 2024 – $GameStop (GME.US)$ shares fell 15.1% to $13.16 in post-market trading on Tuesday.
GameStop Corp. (NYSE: GME) today released financial results for the fourth quarter and fiscal year ended February 3, 2024.
FOURTH QUARTER OVERVIEW
-
Net sales were $1.794 billion for the fourth quarter, compared to $2.226 billion in the prior year’s fourth quarter.
-
Selling, general and administrative (“SG&A”) expenses were $359.2 million, or 20.0% of net sales, for the fourth quarter, compared to $453.4 million, or 20.4% of net sales, in the prior year’s fourth quarter.
-
Net income was $63.1 million for the fourth quarter, compared to net income of $48.2 million for the prior year’s fourth quarter.
-
Cash, cash equivalents and marketable securities were $1.199 billion at the close of the quarter.
-
Long-term debt remains limited to a low-interest, unsecured term loan associated with the French government’s response to COVID-19.
FULL YEAR OVERVIEW
-
Net sales were $5.273 billion for fiscal year 2023, compared to $5.927 billion for fiscal year 2022.
-
SG&A expenses were $1.324 billion, or 25.1% of net sales, for fiscal year 2023, compared to $1.681 billion, or 28.4% of net sales, for fiscal year 2022.
-
Net income was $6.7 million for fiscal year 2023, compared to a net loss of $313.1 million for fiscal year 2022.
-
Adjusted EBITDA of $64.7 million for fiscal year 2023, compared to adjusted EBITDA of ($192.7) million for fiscal year 2022.
Source:GameStop Reports Fourth Quarter and Fiscal Year 2023 Results
