GameStop Corp. (NYSE: GME), today reported sales,
earnings and share repurchase activity for the third quarter ended
November 2, 2019, and issued updated guidance for fiscal 2019.
George Sherman, GameStop’s chief executive
officer said, “Our third quarter results continue to reflect the
prevailing industry trends, most notably the unprecedented decline
in new hardware sales seen across the market as the current
generation of gaming consoles reach the end of their lifecycle and
consumers delay their spending in anticipation of new hardware
releases. With console makers set to introduce new and innovative
gaming consoles late next year, we anticipate this trend to
continue until the fourth quarter of 2020. Despite the
current top-line trends, we are pleased with the continued strong
progress that we are making against our strategic initiatives as we
transform GameStop for the future. We remain on track to
achieve our $200 million annualized operating profit improvement
goal, by 2021 and we believe our strategic initiatives will enable
to us to achieve our long-term growth and profit objectives as we
fully leverage our unique leadership position and brand in the
video game space.”
Mr. Sherman continued, “Since July, we have
repurchased more than one-third of our outstanding shares,
underscoring our continued conviction in the long-term value
proposition of GameStop, our ability to execute on our strategic
initiatives and deliver positive cash flows, as well as our
commitment of returning capital to shareholders.”
Third Quarter
ResultsGameStop’s third quarter total global sales
decreased 25.7% (24.7% in constant currency) to $1.4 billion,
driven by a consolidated comparable store sales decrease of
23.2%.
- New hardware sales decreased 45.8%, reflecting anticipated next
generation console launches in 2020.
- New software sales decreased 32.6%, with growth in Nintendo
Switch software titles more than offset by weaker title launches
across other consoles in the quarter compared to last
year.
- Accessories sales decreased 13.4%.
- Pre-owned sales declined 13.3% with declines in hardware and
software.
- Collectibles sales increased 4.3%, with continued growth in
both domestic and international stores.
GameStop’s third quarter GAAP net loss was
($83.4) million, or ($1.02) per diluted share, compared to net loss
of ($488.6) million, or ($4.78) per diluted share, in the
prior-year quarter, which included the Spring Mobile business.
Third quarter fiscal 2019 results include charges of $43.0
million, or $0.52 per diluted share, which included non-cash asset
impairment charges, tax adjustments, transformation costs and other
items. Third quarter fiscal 2018 results included
non-operating, non-cash intangible asset impairment charges of
$587.5 million, primarily related to goodwill.
Excluding the $43.0 million of impairment
charges and other items, GameStop's adjusted net loss from
continuing operations for the third quarter was ($40.2) million or
($0.49) per diluted share, compared to net income from continuing
operations of $50.0 million, or $0.49 per diluted share, in the
prior-year quarter.
A reconciliation of non-GAAP results, including
adjusted net income (loss) from continuing operations and adjusted
operating earnings from continuing operations, to its most directly
comparable GAAP financial measure is included with this release
(Schedule III).
Capital Allocation UpdateDuring
the quarter, the company repurchased 22.6 million shares of its
common stock, for $115.7 million, or an average price of $5.11 per
share, bringing the year-to-date repurchase activity to $178.6
million for 34.6 million shares, or 34% of the shares outstanding,
at an average price of $5.14 per share. As of the end of the
fiscal third quarter, the company had 67.8 million shares
outstanding. The company remains committed to
opportunistically returning excess capital to shareholders as it
continues to execute on its strategic initiatives to position the
Company for the long term.
As previously disclosed, during fiscal 2019, the
company has reduced its outstanding debt by $401.7 million and has
$419.4 million of long-term debt remaining on the balance sheet at
quarter end.
2019 OutlookThe company is
providing the following updated guidance for full fiscal year
2019:
Comparable
Store Sales |
A decline in
the high-teens |
Adjusted (Non-GAAP) Earnings Per Share (diluted)* |
$0.10 to $0.20 |
Capital Expenditures |
$80 million to $85 million |
*A reconciliation of non-GAAP forward-looking
projections to GAAP financial measures is not available as the
nature or amount of potential adjustments, which may be
significant, cannot be determined at this time.
Conference Call InformationA
conference call with GameStop Corp.’s management is scheduled for
December 10, 2019 at 5:00 p.m. ET to discuss the company’s
financial results. The phone number for the call is 866-575-6539
and the confirmation code is 5258686. This call, along with
supplemental information, can also be accessed at GameStop Corp.’s
investor relations home page at http://investor.GameStop.com/. The
conference call will be archived for two months on GameStop’s
corporate website.
About GameStopGameStop Corp., a
Fortune 500 company headquartered in Grapevine, Texas, is the
world’s largest video game retailer, operates over 5,600 stores
across 14 countries, and offers the best selection of new and
pre-owned video gaming consoles, accessories and video game titles,
in both physical and digital formats. GameStop also offers
fans a wide variety of POP! vinyl figures, collectibles, board
games and more. Through GameStop’s unique buy-sell-trade program,
gamers can trade in video game consoles, games, and accessories, as
well as consumer electronics for cash or in-store credit. The
company's consumer product network also
includes www.gamestop.com and Game Informer® magazine, the
world's leading print and digital video game publication.
General information about GameStop
Corp. can be obtained at the company’s corporate website.
Follow @GameStop and @GameStopCorp on Twitter and
find GameStop on Facebook at www.facebook.com/GameStop.
Non-GAAP Financial Measures and Other
MetricsAs a supplement to our financial results presented
in accordance with U.S. generally accepted accounting principles
(GAAP), GameStop may use certain non-GAAP financial
measures, such as adjusted operating earnings (loss), adjusted net
income (loss), adjusted earnings per share, adjusted income tax
rate and constant currency. We believe these non-GAAP financial
measures provide useful information to investors in evaluating our
core operating performance across reporting periods by excluding
items we do not believe are indicative of our core business or
affect comparability. Adjusted operating earnings (loss), adjusted
net income (loss), adjusted earnings per share and adjusted income
tax rate exclude the effect of items such as goodwill and asset
impairments, store closure costs, severance, non-operating tax
charges, as well as acquisition and divestiture costs, and
transformation costs. Results reported as constant currency exclude
the impact of fluctuations in foreign currency exchange rates by
converting our local currency financial results using the prior
period exchange rates and comparing these adjusted amounts to our
current period reported results. Accordingly, we believe that our
presentation of amounts on a constant currency basis is useful to
investors because it enables them to better understand the changes
in our business that are not related to currency movements.
Our definition and calculation of non-GAAP financial measures may
differ from that of other companies. Non-GAAP financial measures
should be viewed in addition to, and not as an alternative for, the
company's reported GAAP financial results.
Additionally, GameStop uses “digital receipts” as an
operating metric and defines it as the retail value paid by the
customer for digital content sold individually or bundled with
non-digital products and sales of subscriptions to our Game
Informer magazine in digital form. The vast majority of our
digital receipts come from digital products that are sold
individually rather than bundled with other products. Under GAAP,
we recognize the sale of these digital products on a net basis,
whereby the commissions earned are recorded to revenue rather than
the full retail price paid by the customer. We believe this
operating metric is useful in understanding the size and
performance of our digital business in comparison to measures of
the overall digital industry revenues and our other video game
product categories.
Safe HarborThis press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
are based upon management’s current beliefs, views, estimates and
expectations, including as to the Company’s industry, business
strategy, goals and expectations concerning its market position,
future operations, margins, profitability, capital expenditures,
liquidity and capital resources and other financial and operating
information, including expectations as to future operating profit
improvement. Such statements include without limitation those about
the Company’s expectations for fiscal 2019, future financial and
operating results, projections, expectations and other statements
that are not historical facts. All statements regarding targeted
and expected benefits of our transformation, capital allocation,
profit improvement and cost-savings initiatives, and expected
fiscal 2019 results, are forward-looking statements.
Forward-looking statements are subject to significant risks and
uncertainties and actual developments, business decisions and
results may differ materially from those reflected or described in
the forward-looking statements. The following factors, among
others, could cause actual results to differ materially from those
reflected or described in the forward-looking statements: the
uncertain impact, effects and results of pursuit of operating,
strategic, financial and structural initiatives, including the
Reboot strategic plan; volatility in capital and credit markets,
including changes that reduce availability, and increase costs, of
capital and credit; our inability to obtain sufficient quantities
of product to meet consumer demand, including due to supply chain
disruptions on account of trade restrictions, political
instability, labor disturbances and product recalls; the timing of
release and consumer demand for new and pre-owned products; our
ability to continue to expand, and successfully open and operate
new stores for our collectibles business; risks associated with
achievement of anticipated financial and operating results from
acquisitions; our ability to sustain and grow our console digital
video game sales; our ability to establish and profitably maintain
the appropriate mix of digital and physical presence in the markets
we serve; our ability to assess and implement technologies in
support of our omnichannel capabilities; the impact of goodwill and
intangible asset impairments; cost reduction initiatives, including
store closing costs; risks related to changes in, and our continued
retention of, executives and other key personnel and our ability to
attract and retain qualified employees in all areas of the
organization; changes in consumer preferences and economic
conditions; increased operating costs, including wages; disruptions
to our information technology systems including but not limited to
security breaches of systems protecting consumer and employee
information or other types of cybercrimes or cybersecurity attacks;
risks associated with international operations; increased
competition and changing technology in the video game industry;
changes in domestic or foreign laws and regulations that reduce
consumer demand for, or increase prices of, our products or
otherwise adversely affect our business; our effective tax rate and
the factors affecting our effective tax rate, including changes in
international, federal or state tax, trade and other laws and
regulations; the costs and outcomes of legal proceedings and tax
audits; our use of proceeds from the sale of our Spring Mobile
business; and unexpected changes in the assumptions underlying our
outlook for fiscal 2019. Additional factors that could cause our
results to differ materially from those reflected or described in
the forward-looking statements can be found in GameStop's Annual
Report on Form 10-K for the fiscal year ended February 2, 2019
filed with the SEC and available at the SEC's Internet site at
http://www.sec.gov or http://investor.GameStop.com. Forward-looking
statements contained in this press release speak only as of the
date of this release. The Company undertakes no obligation to
publicly update any forward-looking statement, whether as a result
of new information, future developments or otherwise, except as may
be required by any applicable securities laws.
GameStop Corp.Condensed
Consolidated Statements of Operations(in millions,
except per share data)(unaudited)
|
|
13 weeks ended November 2, 2019 |
|
13 weeks ended November 3, 2018 |
Net sales |
|
$ |
1,438.5 |
|
$ |
1,935.4 |
Cost of sales |
|
997.4 |
|
1,377.2 |
Gross profit |
|
441.1 |
|
558.2 |
Selling, general and
administrative expenses |
|
451.8 |
|
463.6 |
Depreciation and
amortization |
|
23.6 |
|
25.0 |
Goodwill impairments |
|
— |
|
557.3 |
Asset impairments |
|
11.3 |
|
30.2 |
Operating loss |
|
(45.6) |
|
(517.9) |
Interest expense, net |
|
6.0 |
|
13.0 |
Loss from continuing operations before income taxes |
|
(51.6) |
|
(530.9) |
Income tax expense
(benefit) |
|
31.6 |
|
(24.0) |
Net loss from continuing
operations |
|
(83.2) |
|
(506.9) |
(Loss) income from
discontinued operations, net of tax |
|
(0.2) |
|
18.3 |
Net loss |
|
$ |
(83.4) |
|
$ |
(488.6) |
|
|
|
|
|
Basic (loss) earnings per
share: |
|
|
|
|
Continuing operations |
|
$ |
(1.01) |
|
$ |
(4.96) |
Discontinued operations |
|
— |
|
0.18 |
Basic loss per share |
|
$ |
(1.02) |
|
$ |
(4.78) |
|
|
|
|
|
Diluted (loss) earnings per
share: |
|
|
|
|
Continuing operations |
|
$ |
(1.01) |
|
$ |
(4.96) |
Discontinued operations |
|
— |
|
0.18 |
Diluted loss per share |
|
$ |
(1.02) |
|
$ |
(4.78) |
|
|
|
|
|
Dividends per common
share |
|
$ |
— |
|
$ |
0.38 |
|
|
|
|
|
Weighted-average common shares
outstanding: |
|
|
|
|
Basic |
|
82.1 |
|
102.2 |
Diluted |
|
82.1 |
|
102.2 |
|
|
|
|
|
Percentage of Net Sales: |
|
|
|
|
|
|
|
|
|
Net sales |
|
100.0 |
% |
|
100.0 |
% |
Cost of sales |
|
69.3 |
|
|
71.2 |
|
Gross profit |
|
30.7 |
|
|
28.8 |
|
Selling, general and
administrative expenses |
|
31.4 |
|
|
23.9 |
|
Depreciation and
amortization |
|
1.6 |
|
|
1.3 |
|
Goodwill impairments |
|
— |
|
|
28.8 |
|
Asset impairments |
|
0.8 |
|
|
1.6 |
|
Operating loss |
|
(3.1) |
|
|
(26.8) |
|
Interest expense, net |
|
0.5 |
|
|
0.6 |
|
Loss from continuing operations before income taxes |
|
(3.6) |
|
|
(27.4) |
|
Income tax expense
(benefit) |
|
2.2 |
|
|
(1.2) |
|
Net loss from continuing
operations |
|
(5.8) |
|
|
(26.2) |
|
(Loss) income from
discontinued operations, net of tax |
|
— |
|
|
1.0 |
|
Net loss |
|
(5.8) |
% |
|
(25.2) |
% |
|
|
|
|
|
|
|
|
|
|
|
39 weeks ended November 2, 2019 |
|
39 weeks ended November 3, 2018 |
Net sales |
|
$ |
4,271.9 |
|
$ |
5,222.3 |
Cost of sales |
|
2,960.5 |
|
3,663.0 |
Gross profit |
|
1,311.4 |
|
1,559.3 |
Selling, general and
administrative expenses |
|
1,341.7 |
|
1,361.2 |
Depreciation and
amortization |
|
69.3 |
|
80.5 |
Goodwill impairments |
|
363.9 |
|
557.3 |
Asset impairments |
|
11.3 |
|
30.2 |
Operating loss |
|
(474.8) |
|
(469.9) |
Interest expense, net |
|
20.7 |
|
40.6 |
Loss from continuing operations before income taxes |
|
(495.5) |
|
(510.5) |
Income tax (benefit)
expense |
|
(6.2) |
|
15.8 |
Net loss from continuing
operations |
|
(489.3) |
|
(526.3) |
(Loss) income from
discontinued operations, net of tax |
|
(2.6) |
|
41.0 |
Net loss |
|
$ |
(491.9) |
|
$ |
(485.3) |
|
|
|
|
|
Basic (loss) earnings per
share: |
|
|
|
|
Continuing operations |
|
$ |
(5.16) |
|
$ |
(5.16) |
Discontinued operations |
|
(0.03) |
|
0.40 |
Basic loss per share |
|
$ |
(5.19) |
|
$ |
(4.76) |
|
|
|
|
|
Diluted (loss) earnings per
share: |
|
|
|
|
Continuing operations |
|
$ |
(5.16) |
|
$ |
(5.16) |
Discontinued operations |
|
(0.03) |
|
0.40 |
Diluted loss per share |
|
$ |
(5.19) |
|
$ |
(4.76) |
|
|
|
|
|
Dividends per common
share |
|
$ |
0.38 |
|
$ |
1.14 |
|
|
|
|
|
Weighted-average common shares
outstanding: |
|
|
|
|
Basic |
|
94.8 |
|
102.0 |
Diluted |
|
94.8 |
|
102.0 |
|
|
|
|
|
Percentage of Net Sales: |
|
|
|
|
|
|
|
|
|
Net sales |
|
100.0 |
% |
|
100.0 |
% |
Cost of sales |
|
69.3 |
|
|
70.1 |
|
Gross profit |
|
30.7 |
|
|
29.9 |
|
Selling, general and
administrative expenses |
|
31.4 |
|
|
26.1 |
|
Depreciation and
amortization |
|
1.6 |
|
|
1.5 |
|
Goodwill impairments |
|
8.5 |
|
|
10.7 |
|
Asset impairments |
|
0.3 |
|
|
0.6 |
|
Operating loss |
|
(11.1) |
|
|
(9.0) |
|
Interest expense, net |
|
0.5 |
|
|
0.8 |
|
Loss from continuing operations before income taxes |
|
(11.6) |
|
|
(9.8) |
|
Income tax (benefit)
expense |
|
(0.2) |
|
|
0.3 |
|
Net loss from continuing
operations |
|
(11.4) |
|
|
(10.1) |
|
(Loss) income from
discontinued operations, net of tax |
|
(0.1) |
|
|
0.8 |
|
Net loss |
|
(11.5) |
% |
|
(9.3) |
% |
|
|
|
|
|
|
|
GameStop Corp.Condensed
Consolidated Balance Sheets(in
millions)(unaudited)
|
|
November 2, 2019 |
|
November 3, 2018 |
ASSETS: |
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
290.3 |
|
$ |
448.6 |
Receivables, net |
|
145.7 |
|
152.3 |
Merchandise inventories, net |
|
1,286.7 |
|
1,881.5 |
Prepaid expenses and other current assets |
|
127.6 |
|
149.0 |
Assets held for sale |
|
12.8 |
|
631.6 |
Total current assets |
|
1,863.1 |
|
3,263.0 |
Property and equipment,
net |
|
287.1 |
|
323.9 |
Operating lease right-of-use
assets |
|
758.1 |
|
— |
Deferred income taxes |
|
157.8 |
|
189.0 |
Goodwill |
|
— |
|
777.0 |
Other noncurrent assets |
|
79.5 |
|
103.8 |
Total assets |
|
$ |
3,145.6 |
|
$ |
4,656.7 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY: |
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
709.9 |
|
$ |
1,452.8 |
Accrued and other current liabilities |
|
625.1 |
|
700.8 |
Current portion of operating lease liabilities |
|
238.5 |
|
— |
Current portion of debt, net |
|
— |
|
348.8 |
Liabilities held for sale |
|
— |
|
54.3 |
Total current liabilities |
|
1,573.5 |
|
2,556.7 |
Deferred income taxes |
|
0.1 |
|
0.1 |
Long-term debt, net |
|
419.4 |
|
471.2 |
Operating lease
liabilities |
|
516.5 |
|
— |
Other long-term
liabilities |
|
19.0 |
|
63.6 |
Total liabilities |
|
2,528.5 |
|
3,091.6 |
Total stockholders’ equity |
|
617.1 |
|
1,565.1 |
Total liabilities and stockholders’ equity |
|
$ |
3,145.6 |
|
$ |
4,656.7 |
|
|
|
|
|
|
|
GameStop Corp. |
|
|
|
|
|
Schedule I |
Sales Mix |
(unaudited) |
|
|
13 Weeks Ended |
|
13 Weeks Ended |
|
|
November 2, 2019 |
|
November 3, 2018 |
|
|
Net |
|
Percent |
|
Net |
|
Percent |
Net Sales (in millions): |
|
Sales |
|
of Total |
|
Sales |
|
of Total |
|
|
|
|
|
|
|
|
|
New video game hardware (1) |
|
$ |
189.0 |
|
13.1 |
% |
|
$ |
349.0 |
|
18.0 |
% |
New video game software |
|
485.9 |
|
33.8 |
% |
|
720.7 |
|
37.2 |
% |
Pre-owned and value video game
products |
|
344.2 |
|
23.9 |
% |
|
396.9 |
|
20.5 |
% |
Video game accessories |
|
156.5 |
|
10.9 |
% |
|
180.8 |
|
9.3 |
% |
Digital |
|
37.0 |
|
2.6 |
% |
|
45.4 |
|
2.3 |
% |
Collectibles |
|
161.2 |
|
11.2 |
% |
|
154.6 |
|
8.0 |
% |
Other (2) |
|
64.7 |
|
4.5 |
% |
|
88.0 |
|
4.7 |
% |
Total |
|
$ |
1,438.5 |
|
100.0 |
% |
|
$ |
1,935.4 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
(1) |
Includes sales of hardware bundles, in which physical hardware and
digital or physical software are sold together as a single
SKU. |
(2) |
Includes mobile and consumer electronics sold through our Simply
Mac branded stores. We divested our Simply Mac business in
September 2019. Also includes sales of PC entertainment software,
interactive game figures, strategy guides, mobile and consumer
electronics sold through our video game brands, and revenues from
PowerUp Pro loyalty members receiving Game
Informer magazine in print form. |
Schedule II |
Gross Profit Mix |
(unaudited) |
|
|
13 Weeks Ended |
|
13 Weeks Ended |
|
|
November 2, 2019 |
|
November 3, 2018 |
Gross Profit (in
millions): |
|
Gross Profit |
|
Gross Profit
Percent |
|
Gross Profit |
|
Gross Profit
Percent |
|
|
|
|
|
|
|
|
|
New video game hardware (1) |
|
$ |
21.3 |
|
11.3 |
% |
|
$ |
36.5 |
|
10.5 |
% |
New video game software |
|
111.8 |
|
23.0 |
% |
|
159.0 |
|
22.1 |
% |
Pre-owned and value video game
products |
|
147.1 |
|
42.7 |
% |
|
171.1 |
|
43.1 |
% |
Video game accessories |
|
56.8 |
|
36.3 |
% |
|
65.0 |
|
36.0 |
% |
Digital |
|
32.9 |
|
88.9 |
% |
|
42.4 |
|
93.4 |
% |
Collectibles |
|
54.1 |
|
33.6 |
% |
|
57.8 |
|
37.4 |
% |
Other (2) |
|
17.1 |
|
26.4 |
% |
|
26.4 |
|
30.0 |
% |
Total |
|
$ |
441.1 |
|
30.7 |
% |
|
$ |
558.2 |
|
28.8 |
% |
|
|
|
|
|
|
|
|
|
(1) |
Includes sales of hardware bundles, in which physical hardware and
digital or physical software are sold together as a single
SKU. |
(2) |
Includes mobile and consumer electronics sold through our Simply
Mac branded stores. We divested our Simply Mac business in
September 2019. Also includes sales of PC entertainment software,
interactive game figures, strategy guides, mobile and consumer
electronics sold through our video game brands, and revenues from
PowerUp Pro loyalty members receiving Game
Informer magazine in print form. |
Non-GAAP resultsThe following table reconciles
the Company's operating earnings, net income and earnings per share
as presented in its unaudited consolidated statements of operations
and prepared in accordance with Generally Accepted Accounting
Principles ("GAAP") to its adjusted operating earnings, net income
and earnings per share. The diluted weighted-average shares
outstanding used to calculated adjusted earnings per share may
differ from GAAP weighted-average shares outstanding. Under GAAP,
basic and diluted weighted-average shares outstanding are the same
in periods where there is a net loss. The tax adjustments below for
the 13 and 39 weeks ended November 2, 2019, include provisions for
deferred tax valuation allowances and the tax effects of non-GAAP
adjustments.
GameStop Corp. |
Schedule III |
(in millions, except per share data) |
(unaudited) |
|
|
13 Weeks Ended |
|
13 Weeks Ended |
|
39 Weeks Ended |
|
39 Weeks Ended |
|
|
November 2, 2019 |
|
November 3, 2018 |
|
November 2, 2019 |
|
November 3, 2018 |
Adjusted
Operating (Loss) Earnings |
Operating loss |
|
$ |
(45.6) |
|
$ |
(517.9) |
|
$ |
(474.8) |
|
$ |
(469.9) |
Transformation costs |
|
10.4 |
|
— |
|
27.1 |
|
— |
Business divestitures |
|
1.3 |
|
— |
|
1.3 |
|
— |
Goodwill impairments |
|
— |
|
557.3 |
|
363.9 |
|
557.3 |
Property, equipment & other asset impairments |
|
11.3 |
|
— |
|
11.3 |
|
— |
Intangible impairments |
|
— |
|
30.2 |
|
— |
|
30.2 |
Severance and other |
|
4.0 |
|
— |
|
24.3 |
|
11.2 |
Adjusted operating (loss)
earnings |
|
$ |
(18.6) |
|
$ |
69.6 |
|
$ |
(46.9) |
|
$ |
128.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net (Loss)
Income |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(83.4) |
|
$ |
(488.6) |
|
$ |
(491.9) |
|
$ |
(485.3) |
(Loss) income from discontinued operations |
|
(0.2) |
|
18.3 |
|
(2.6) |
|
41.0 |
Net loss from continuing
operations |
|
(83.2) |
|
(506.9) |
|
(489.3) |
|
(526.3) |
Transformation costs |
|
10.4 |
|
— |
|
27.1 |
|
— |
Business divestitures |
|
1.3 |
|
— |
|
1.3 |
|
— |
Goodwill impairments |
|
— |
|
557.3 |
|
363.9 |
|
557.3 |
Property, equipment & other asset impairments |
|
11.3 |
|
— |
|
11.3 |
|
— |
Intangible Impairments |
|
— |
|
30.2 |
|
— |
|
30.2 |
Severance and other |
|
4.0 |
|
— |
|
24.3 |
|
11.2 |
Tax adjustments |
|
16.0 |
|
(30.6) |
|
(3.3) |
|
(32.1) |
France tax audit/tax legislation |
|
— |
|
— |
|
— |
|
29.6 |
Adjusted net (loss)
income |
|
$ |
(40.2) |
|
$ |
50.0 |
|
$ |
(64.7) |
|
$ |
69.9 |
|
|
|
|
|
|
|
|
|
Adjusted (loss) earnings per
share |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.49) |
|
$ |
0.49 |
|
$ |
(0.68) |
|
$ |
0.69 |
Diluted |
|
$ |
(0.49) |
|
$ |
0.49 |
|
$ |
(0.68) |
|
$ |
0.68 |
|
|
|
|
|
|
|
|
|
Number of shares used in
adjusted calculation |
|
|
|
|
|
|
|
|
Basic |
|
82.1 |
|
102.2 |
|
94.8 |
|
102.0 |
Diluted |
|
82.1 |
|
102.4 |
|
94.8 |
|
102.2 |
ContactGameStop Corp. Investor Relations(817)
424-2001investorrelations@gamestop.com
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