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

Income Statement
Quarterly Data

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 (quarterly data)

US$ in thousands

3 months ended:	May 4, 2024	Feb 3, 2024	Oct 28, 2023	Jul 29, 2023	Apr 29, 2023	Jan 28, 2023	Oct 29, 2022	Jul 30, 2022	Apr 30, 2022	Jan 29, 2022	Oct 30, 2021	Jul 31, 2021	May 1, 2021	Jan 30, 2021	Oct 31, 2020	Aug 1, 2020	May 2, 2020	Feb 1, 2020	Nov 2, 2019	Aug 3, 2019	May 4, 2019	Feb 2, 2019	Nov 3, 2018	Aug 4, 2018	May 5, 2018
Net sales	881,800)	1,793,600)	1,078,300)	1,163,800)	1,237,100)	2,226,400)	1,186,400)	1,136,000)	1,378,400)	2,253,900)	1,296,600)	1,183,400)	1,276,800)	2,122,100)	1,004,700)	942,000)	1,021,000)	2,194,100)	1,438,500)	1,285,700)	1,547,700)	3,063,000)	1,935,400)	1,501,100)	1,785,800)
Cost of sales	(637,300)	(1,374,400)	(796,500)	(857,900)	(949,800)	(1,726,600)	(894,800)	(853,800)	(1,079,900)	(1,875,700)	(978,000)	(862,500)	(946,700)	(1,673,500)	(728,400)	(689,800)	(738,600)	(1,596,800)	(997,400)	(886,600)	(1,076,500)	(2,314,200)	(1,377,200)	(1,031,100)	(1,254,700)
Gross profit	244,500)	419,200)	281,800)	305,900)	287,300)	499,800)	291,600)	282,200)	298,500)	378,200)	318,600)	320,900)	330,100)	448,600)	276,300)	252,200)	282,400)	597,300)	441,100)	399,100)	471,200)	748,800)	558,200)	470,000)	531,100)
Selling, general and administrative expenses	(295,100)	(359,200)	(296,500)	(322,500)	(345,700)	(453,400)	(387,900)	(387,500)	(452,200)	(538,900)	(421,500)	(378,900)	(370,300)	(419,100)	(360,400)	(348,200)	(386,500)	(511,700)	(475,400)	(481,900)	(453,700)	(552,500)	(488,600)	(468,500)	(484,600)
Asset impairments	—)	(4,800)	—)	—)	—)	(200)	—)	(2,500)	—)	(6,100)	—)	—)	(600)	(10,700)	—)	(900)	(3,900)	(10,400)	(11,300)	(363,900)	—)	(428,400)	(587,500)	—)	—)
Gain on sale of assets	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	21,100)	11,300)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Operating earnings (loss)	(50,600)	55,200)	(14,700)	(16,600)	(58,400)	46,200)	(96,300)	(107,800)	(153,700)	(166,800)	(102,900)	(58,000)	(40,800)	18,800)	(63,000)	(85,600)	(108,000)	75,200)	(45,600)	(446,700)	17,500)	(232,100)	(517,900)	1,500)	46,500)
Interest income (expense), net	14,900)	15,300)	12,900)	11,600)	9,700)	6,200)	3,700)	300)	(700)	(900)	(800)	(500)	(24,700)	(8,200)	(9,700)	(7,500)	(6,700)	(6,500)	(6,000)	(7,000)	(7,700)	(10,500)	(13,000)	(13,900)	(13,700)
Other income (expense), net	—)	500)	(2,500)	2,000)	(1,900)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Income (loss) from continuing operations before income taxes	(35,700)	71,000)	(4,300)	(3,000)	(50,600)	52,400)	(92,600)	(107,500)	(154,400)	(167,700)	(103,700)	(58,500)	(65,500)	10,600)	(72,700)	(93,100)	(114,700)	68,700)	(51,600)	(453,700)	9,800)	(242,600)	(530,900)	(12,400)	32,800)
Income tax (expense) benefit	3,400)	(7,900)	1,200)	200)	100)	(4,200)	(2,100)	(1,200)	(3,500)	20,200)	(1,700)	(3,100)	(1,300)	69,700)	53,900)	(17,900)	(50,400)	(43,800)	(31,600)	40,100)	(2,300)	(25,900)	24,000)	(27,400)	(12,400)
Net income (loss) from continuing operations	(32,300)	63,100)	(3,100)	(2,800)	(50,500)	48,200)	(94,700)	(108,700)	(157,900)	(147,500)	(105,400)	(61,600)	(66,800)	80,300)	(18,800)	(111,000)	(165,100)	24,900)	(83,200)	(413,600)	7,500)	(268,500)	(506,900)	(39,800)	20,400)
Income (loss) from discontinued operations, net of tax	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	200)	—)	(300)	(600)	(3,900)	(200)	(1,700)	(700)	80,800)	18,300)	14,900)	7,800)
Net income (loss)	(32,300)	63,100)	(3,100)	(2,800)	(50,500)	48,200)	(94,700)	(108,700)	(157,900)	(147,500)	(105,400)	(61,600)	(66,800)	80,500)	(18,800)	(111,300)	(165,700)	21,000)	(83,400)	(415,300)	6,800)	(187,700)	(488,600)	(24,900)	28,200)

The financial performance over the analyzed period is characterized by a systemic decline in top-line revenue and significant volatility in net earnings, punctuated by a notable structural shift in the company's interest profile.

Revenue Trends and Seasonality: Net sales exhibit a recurring seasonal peak every February, corresponding with the holiday quarter. However, a long-term downward trajectory is evident. Peak revenues reached 3.06 billion USD in February 2019, whereas the most recent recording in May 2024 shows a decrease to 881.8 million USD. This represents a substantial contraction in the core revenue base over the six-year period.
Gross Profit and Cost Management: Gross profit has mirrored the decline in net sales. Selling, general and administrative (SG&A) expenses have been reduced from a range of 450 million to 550 million USD in 2018-2019 to approximately 295.1 million USD by May 2024. Despite these cost-cutting efforts, the reduction in overhead has not been sufficient to offset the loss of revenue, leading to persistent pressure on operating margins.
Operating Performance and Impairments: Operating earnings are characterized by frequent losses and high volatility. The period between 2018 and 2020 was heavily impacted by substantial asset impairments, with single-quarter charges reaching as high as 587.5 million USD. While these large-scale impairments have diminished in frequency and magnitude in recent years, operating losses have persisted in most quarters, with only sporadic returns to profitability, such as the 55.2 million USD operating gain reported in February 2024.
Financial Position and Interest Dynamics: A significant structural shift is observed in the interest income and expense line. From 2018 through early 2021, the company consistently reported net interest expenses. Starting in late 2021, this trend reversed, transitioning into consistent net interest income, which reached 15.3 million USD in February 2024. This transition indicates a fundamental change in the company's capital structure, likely involving a reduction in debt or an increase in cash holdings.
Net Income Volatility: Net income has remained unstable, with frequent swings between losses and modest gains. The impact of discontinued operations was primarily concentrated in early 2018 and 2019. In more recent periods, net income has been heavily influenced by the interplay between shrinking operating margins and the growing contribution of net interest income.

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GameStop Corp. (NYSE:GME)

Income StatementQuarterly Data

Income Statement
Quarterly Data