Name: GameStop Corp. (NYSE:GME) | Income Statement
Creator: Stock Analysis on Net

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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GameStop Corp., consolidated income statement

US$ in thousands

12 months ended:	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
Net sales	5,272,800)	5,927,200)	6,010,700)	5,089,800)	6,466,000)	8,285,300)
Cost of sales	(3,978,600)	(4,555,100)	(4,662,900)	(3,830,300)	(4,557,300)	(5,977,200)
Gross profit	1,294,200)	1,372,100)	1,347,800)	1,259,500)	1,908,700)	2,308,100)
Selling, general, and administrative expenses	(1,323,900)	(1,681,000)	(1,709,600)	(1,514,200)	(1,922,700)	(1,994,200)
Asset impairments	(4,800)	(2,700)	(6,700)	(15,500)	(385,600)	(1,015,900)
Gain on sale of assets	—)	—)	—)	32,400)	—)	—)
Operating loss	(34,500)	(311,600)	(368,500)	(237,800)	(399,600)	(702,000)
Interest income	49,500)	9,500)	—)	1,900)	11,300)	5,700)
Interest expense	—)	—)	(26,900)	(34,000)	(38,500)	(56,800)
Interest income (expense), net	49,500)	9,500)	(26,900)	(32,100)	(27,200)	(51,100)
Other loss, net	(1,900)	—)	—)	—)	—)	—)
Income (loss) from continuing operations before income taxes	13,100)	(302,100)	(395,400)	(269,900)	(426,800)	(753,100)
Income tax (expense) benefit, net	(6,400)	(11,000)	14,100)	55,300)	(37,600)	(41,700)
Net income (loss) from continuing operations	6,700)	(313,100)	(381,300)	(214,600)	(464,400)	(794,800)
Income (loss) from discontinued operations, net of tax	—)	—)	—)	(700)	(6,500)	121,800)
Net income (loss)	6,700)	(313,100)	(381,300)	(215,300)	(470,900)	(673,000)

Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02).

A multi-year financial trajectory indicates a transition from significant operating losses toward a marginal net profit. While top-line revenue has experienced a general decline over the observed period, aggressive cost management and a shift in financial income have contributed to a stabilization of the bottom line.

Revenue and Gross Profit Trends: Net sales have exhibited a downward trend, falling from 8,285,300 thousand US$ in 2019 to 5,272,800 thousand US$ in 2024. This contraction is mirrored in gross profit, which declined from 2,308,100 thousand US$ in 2019 to 1,294,200 thousand US$ in 2024. The reduction in sales volume has put consistent pressure on the company's primary earnings capacity.
Operating Expense Management: A focused reduction in operating expenditures is observed. Selling, general, and administrative expenses decreased from 1,994,200 thousand US$ in 2019 to 1,323,900 thousand US$ in 2024. Furthermore, asset impairments, which were a significant drag on earnings in 2019 and 2020 at 1,015,900 thousand US$ and 385,600 thousand US$ respectively, have diminished to negligible levels in subsequent years.
Operating Performance: The narrowing of operating losses is evident, moving from a deficit of 702,000 thousand US$ in 2019 to 34,500 thousand US$ in 2024. This improvement is primarily attributed to the reduction in SG&A and the cessation of large-scale asset impairments rather than revenue growth.
Interest and Non-Operating Income: A notable shift occurred in the company's financial position regarding interest. Net interest expense of 51,100 thousand US$ in 2019 transitioned into net interest income of 49,500 thousand US$ by 2024. The complete absence of interest expense in the final two reporting periods suggests a significant reduction in debt or a substantial increase in cash holdings generating interest.
Net Income Evolution: Net income remained negative for five consecutive years, reaching a peak loss of 673,000 thousand US$ in 2019. However, a pivot to profitability was achieved in 2024, with a reported net income of 6,700 thousand US$. This transition was supported by the combination of lower operating costs and increased interest income.

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