GameStop Corp. today released financial results on the company’s Investor Relations platform for the second quarter ended July 30, 2022.
The gaming retailer in the midst of transformation will also host an investor conference call at 5:00 pm ET to review the company’s financial results. This call and any supplemental information can be accessed at GameStop’s investor relations home page.
SECOND QUARTER OVERVIEW
Sales attributable to collectibles, which is a segment the Company intends to grow over the long-term, were $223.2 million for the quarter, compared to $177.2 million in the prior year’s second quarter.
Selling, general and administrative expenses were $387.5 million for the quarter, representing a sequential decline of 14.3% from the first quarter of 2022 and reflecting, in part, the Company’s focus on right-sizing costs following a period of significant investment in long-term initiatives.
Inventory was $734.8 million at the close of the quarter, compared to $596.4 million at the close of the prior year’s second quarter, reflecting the Company’s focus on maintaining adequate in-stock levels to meet customer demand and offset lingering supply chain headwinds.
Followed the launch of the Company’s digital wallet by launching the Company’s non-fungible token (“NFT”) marketplace to allow gamers, creators, collectors and others to buy, sell and trade NFTs.
Modernized and strengthened the Company’s systems through the implementation of SAP.
Ended the period with cash and cash equivalents of $908.9 million as well as no debt other than a low-interest, unsecured term loan associated with the French government’s response to COVID-19.
WEBCAST AND CONFERENCE CALL INFORMATION
The webcast with management is scheduled for September 7, 2022, at 5:00 p.m. ET to discuss the Company’s fourth quarter activities and financial results. This call, along with supplemental information, can also be accessed at GameStop’s Investor Relations. The phone number for the call is 877-451-6152 and the confirmation code is 13732487. This webcast will be archived for two months on GameStop’s investor relations website.