https://news.gamestop.com/news-releases/...d-fiscal-year-2022-results
"GameStop Reports Fourth Quarter and Fiscal Year 2022 Results
March 21, 2023
GRAPEVINE, Texas--(BUSINESS WIRE)--Mar. 21, 2023-- GameStop Corp. (NYSE: GME) (“GameStop” or the “Company”) today released financial results for the fourth quarter and fiscal year ended January 28, 2023. The Company’s condensed and consolidated financial statements, including GAAP and non-GAAP results, are below. The Company’s Form 10-K and supplemental information can be found at https://investor.gamestop.com/.
FOURTH QUARTER OVERVIEW
Net sales were $2.226 billion, compared to $2.254 billion in the prior year's fourth quarter.
Selling, general and administrative (“SG&A”) expenses were $453.4 million, or 20.4% of sales, compared to $538.9 million, or 23.9% of sales, in the prior year's fourth quarter.
Net income was $48.2 million, compared to a net loss of $147.5 million for the prior year’s fourth quarter.
Inventory was $682.9 million at the close of the period, compared to $915.0 million at the close of the prior year's fourth quarter, reflecting the Company’s ongoing focus on maintaining a healthy inventory position.
Cash, cash equivalents and marketable securities were $1.391 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
Generated net sales of $5.927 billion for the fiscal year, compared to $6.011 billion for fiscal year 2021.
Increased full-year sales in the collectibles category, which is an area in which the Company continues prioritizing long-term growth.
Completed the majority of implementations and upgrades related to the Company’s infrastructure, systems, shipping capabilities, and online and mobile platforms.
Initiated cost cutting initiatives and headcount reductions over the course of the year to increase operational efficiency.
Established an equity incentive program for store leaders and tenured associates to increase their compensation and strengthen alignment of interests with fellow stockholders.
Set a go-forward strategic direction focused on efficiency, profitability and pragmatic growth.
CONFERENCE CALL INFORMATION
The Company will host an investor conference call today, March 21, 2023, at 5:00 p.m. ET to review its financial results. The phone number for the investor conference call is 1-877-407-6169 and the confirmation code is 13736983. This call, along with supplemental information, can also be accessed at https://investor.gamestop.com/. A recording of the conference call will be made available on the Company’s investor relations website for two months..." |
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