GameStop Corp. today released financial results on the company’s Investor Relations platform for the fourth quarter ended January 29th, 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.
The Company also announced it intends to launch its marketplace for non-fungible tokens (“NFTs”) by the end of the second quarter of fiscal year 2022.
The Company’s Form 10-K and supplemental information can be found at http://investor.GameStop.com
Fourth QUARTER OVERVIEW
Generated net sales of $2.254 billion for the quarter, compared to $2.122 billion in the fourth quarter of 2020 and $2.194 billion in the fourth quarter of 2019.
Established new and expanded brand relationships, including with PC gaming companies such as Alienware, Corsair and Lenovo, that contributed to sales growth in the quarter.
Grew PowerUp Rewards Pro members by 32% on a year-over-year basis, taking total membership to approximately 5.8 million.
Entered into a partnership with Immutable X that is intended to support the development of GameStop’s NFT marketplace and provide the Company with up to $150 million in IMX tokens upon achievement of certain milestones.
Launched a redesigned app, which includes an enhanced user interface, improved scalability for a larger product catalog and more functionality to support exclusive offers and promotions.
Hired dozens of additional individuals with experience in areas such as blockchain gaming, ecommerce and technology, product refurbishment and operations.
full year overview
Generated net sales of $6.011 billion for the fiscal year, compared to $5.090 billion for fiscal year 2020.
Expanded the product catalog to include a broader set of consumer electronics, PC gaming equipment and refurbished hardware.
Made significant and long-term investments in the Company’s fulfillment network, systems and teams.
Established new offices in Seattle, Washington and Boston, Massachusetts, which are technology hubs with established talent markets.
Raised more than $1.67 billion in capital and eliminated all of the Company’s long-term debt, other than a $44.6 million low-interest, unsecured term loan associated with the French government’s response to COVID-19.
Ended the fiscal year with $1.271 billion in cash and cash equivalents and $915 million in inventory, compared to $635 million in cash and $602.5 million in inventory at the end of fiscal year 2020. Increased investments in inventory reflect the Company’s focus on meeting heightened demand and mitigating supply chain headwinds.
WEBCAST AND CONFERENCE CALL INFORMATION
The webcast with management is scheduled for March 17, 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 13725350. This webcast will be archived for two months on GameStop’s investor relations website.