Analysis of Reportable Segments
GameStop Corp. operates in 4 segments: United States; Canada; Australia; and Europe.
Segment Profit Margin
GameStop Corp., profit margin by reportable segment
| Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | |
|---|---|---|---|---|---|---|
| United States | -0.07% | -6.99% | -8.55% | -6.17% | -7.65% | -9.20% |
| Canada | -2.87% | -2.50% | -0.33% | -0.12% | -4.33% | -4.44% |
| Australia | -0.67% | 2.34% | 5.17% | 8.35% | 1.79% | -7.20% |
| Europe | -1.96% | -3.39% | -4.43% | -9.97% | -4.57% | -7.28% |
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).
An analysis of segment profit margins over the six-year period from 2019 to 2024 reveals a general trend of operational struggle across most geographies, although varying degrees of recovery and volatility are evident. While the majority of segments have remained in negative margin territory, there is a observable movement toward breakeven in the primary market and a cyclical pattern in the Australian market.
- United States Segment
- The United States segment exhibited persistent negative margins for the majority of the period, starting at -9.20% in 2019. Despite a slight regression in 2022 to -8.55%, a substantial recovery occurred by February 3, 2024, where the margin improved to -0.07%, nearly reaching a breakeven point.
- Canada Segment
- The Canadian market showed relative stability in the early years before a brief period of improvement in 2021 and 2022, where margins reached -0.12% and -0.33%, respectively. However, a downward trend followed, with margins deteriorating to -2.50% in 2023 and -2.87% in 2024.
- Australia Segment
- Australia was the only reportable segment to achieve positive profit margins. After starting at -7.20% in 2019, it shifted to profitability in 2020 (1.79%) and peaked in 2021 at 8.35%. This positive trend reversed steadily over the following three years, culminating in a return to a negative margin of -0.67% by February 3, 2024.
- Europe Segment
- The Europe segment experienced significant volatility, reaching its lowest point in 2021 with a margin of -9.97%. Since that trough, a consistent upward trend in margin performance has been observed, with the margin improving to -4.43% in 2022, -3.39% in 2023, and reaching -1.96% in 2024.
Overall, the data indicates a broad trend of margin compression reduction in the United States and Europe, contrasting with a performance decline in Australia and Canada during the most recent fiscal periods.
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Segment Profit Margin: United States
GameStop Corp.; United States; segment profit margin calculation
| Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Operating earnings (loss) | (2,400) | (286,200) | (358,100) | (211,000) | (343,900) | (533,900) |
| Net sales | 3,429,400) | 4,093,000) | 4,186,500) | 3,417,100) | 4,497,700) | 5,800,200) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | -0.07% | -6.99% | -8.55% | -6.17% | -7.65% | -9.20% |
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).
1 2024 Calculation
Segment profit margin = 100 × Operating earnings (loss) ÷ Net sales
= 100 × -2,400 ÷ 3,429,400 = -0.07%
Analysis of the United States reportable segment reveals a period of significant financial transition characterized by a general decline in net sales coupled with a substantial improvement in operational efficiency and loss mitigation.
- Net Sales Trajectory
- A downward trend in net sales is observed over the six-year period, with revenue decreasing from 5,800,200 thousand USD in 2019 to 3,429,400 thousand USD in 2024. Although a temporary recovery was noted in 2022, when sales rose to 4,186,500 thousand USD, the overall trend indicates a contraction in the segment's top-line performance.
- Operating Earnings Performance
- Operating losses remained present throughout the entire period but demonstrated a marked overall reduction. The segment experienced its highest loss in 2019 at 533,900 thousand USD, which was gradually reduced to a near-break-even loss of 2,400 thousand USD by 2024. This trajectory suggests an effective reduction in operating expenses or a restructuring of the cost base.
- Segment Profit Margin Evolution
- The segment profit margin shifted from -9.20% in 2019 to -0.07% in 2024. The margin exhibited volatility between 2020 and 2023, ranging from a high of -6.17% to a low of -8.55%. However, the sharp improvement to -0.07% in the final year indicates that the segment has nearly reached operational equilibrium, effectively aligning its cost structure with its reduced revenue levels.
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Segment Profit Margin: Canada
GameStop Corp.; Canada; segment profit margin calculation
| Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Operating earnings (loss) | (8,400) | (8,600) | (1,100) | (300) | (14,900) | (19,300) |
| Net sales | 292,500) | 344,100) | 332,300) | 258,400) | 344,200) | 434,500) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | -2.87% | -2.50% | -0.33% | -0.12% | -4.33% | -4.44% |
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).
1 2024 Calculation
Segment profit margin = 100 × Operating earnings (loss) ÷ Net sales
= 100 × -8,400 ÷ 292,500 = -2.87%
The Canadian segment has consistently operated at a loss over the analyzed six-year period, though the magnitude of these losses and the associated profit margins have fluctuated significantly.
- Revenue Trajectory
- Net sales exhibited a downward trend from February 2019 to January 2021, falling from US$ 434.5 million to a period low of US$ 258.4 million. A recovery phase occurred between 2022 and 2023, with sales increasing to US$ 344.1 million in January 2023, before declining to US$ 292.5 million by February 2024.
- Operating Loss Trends
- Operating losses were most severe in February 2019 at US$ 19.3 million. A period of substantial narrowing of losses was observed in January 2021 and January 2022, where losses were reduced to US$ 300 thousand and US$ 1.1 million, respectively. This improvement was not sustained, as losses widened again to US$ 8.6 million in January 2023 and US$ 8.4 million in February 2024.
- Segment Profit Margin Analysis
- The segment profit margin mirrored the volatility of operating earnings, starting at -4.44% in 2019. The margin reached its peak efficiency in January 2021, narrowing to -0.12%. Since 2022, a downward trend is observed, with the margin deteriorating to -2.50% in January 2023 and further declining to -2.87% by February 2024.
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Segment Profit Margin: Australia
GameStop Corp.; Australia; segment profit margin calculation
| Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Operating earnings (loss) | (3,500) | 13,800) | 30,600) | 52,200) | 9,400) | (46,500) |
| Net sales | 522,500) | 588,700) | 591,800) | 625,300) | 525,400) | 645,400) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | -0.67% | 2.34% | 5.17% | 8.35% | 1.79% | -7.20% |
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).
1 2024 Calculation
Segment profit margin = 100 × Operating earnings (loss) ÷ Net sales
= 100 × -3,500 ÷ 522,500 = -0.67%
The financial performance of the Australia segment is characterized by a distinct cycle of recovery and subsequent decline between February 2019 and February 2024. The segment transitioned from an initial operating loss to a period of peak profitability, followed by a multi-year trend of margin compression that returned the segment to a deficit position.
- Segment Profit Margin Trajectory
- The profit margin exhibited significant volatility, starting at -7.20% in 2019 and improving sharply to 1.79% in 2020. Profitability peaked in 2021 at 8.35% before entering a consistent downward trend, declining to 5.17% in 2022 and 2.34% in 2023, ultimately reaching -0.67% in 2024.
- Operating Earnings Analysis
- Operating earnings mirrored the margin trajectory, with a loss of $46.5 million in 2019 being reversed to a gain of $9.4 million in 2020. Performance peaked in 2021 with earnings of $52.2 million. However, earnings contracted steadily over the subsequent three fiscal years, falling to $30.6 million in 2022 and $13.8 million in 2023, before reverting to a loss of $3.5 million in 2024.
- Revenue and Margin Correlation
- Net sales demonstrated a general downward trend over the six-year period, decreasing from $645.4 million in 2019 to $522.5 million in 2024. While a temporary recovery in sales to $625.3 million in 2021 coincided with the peak operating margin, the sustained decline in revenue from 2022 onward aligns with the erosion of operating earnings and the eventual return to a negative margin.
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Segment Profit Margin: Europe
GameStop Corp.; Europe; segment profit margin calculation
| Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Operating earnings (loss) | (20,200) | (30,600) | (39,900) | (78,700) | (50,200) | (102,300) |
| Net sales | 1,028,400) | 901,400) | 900,100) | 789,000) | 1,098,700) | 1,405,200) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | -1.96% | -3.39% | -4.43% | -9.97% | -4.57% | -7.28% |
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).
1 2024 Calculation
Segment profit margin = 100 × Operating earnings (loss) ÷ Net sales
= 100 × -20,200 ÷ 1,028,400 = -1.96%
The European segment has exhibited persistent operating losses over the six-year period ending February 3, 2024, though a consistent trend toward margin improvement has emerged since 2021.
- Revenue Performance
- Net sales experienced a significant contraction between February 2019 and January 2021, falling from 1.4 billion US dollars to 789 million US dollars. Since this low point, sales have demonstrated a steady recovery, climbing back to approximately 1.028 billion US dollars by February 2024.
- Operating Loss Trajectory
- Operating losses have generally trended downward from a high of 102.3 million US dollars in 2019. Although a secondary increase in losses occurred in 2021, reaching 78.7 million US dollars, the segment has since reduced its operating losses every consecutive year, reaching a period low of 20.2 million US dollars in 2024.
- Profit Margin Analysis
- The segment profit margin has remained negative throughout the analyzed period, indicating that European operations have not yet achieved profitability. The margin reached its lowest point in January 2021 at -9.97%. However, a sustained recovery is observable from 2022 through 2024, with the margin improving from -4.43% to -1.96%, reflecting a narrowing of losses relative to net sales.
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Segment Return on Assets (Segment ROA)
GameStop Corp., ROA by reportable segment
| Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | |
|---|---|---|---|---|---|---|
| United States | -4.23% | -343.58% | -357.74% | -168.53% | -208.55% | -282.94% |
| Canada | -494.12% | -232.43% | -13.25% | -3.66% | -87.65% | -112.87% |
| Australia | -17.68% | 66.03% | 196.15% | 352.70% | 28.92% | -114.53% |
| Europe | -121.69% | -106.99% | -100.76% | -148.49% | -81.63% | -136.58% |
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).
The analysis of segment return on assets reveals a period of significant volatility and widespread negative returns across most geographic regions, with distinct divergent trajectories emerging in the final reporting period.
- United States Segment
- This segment experienced profound negative returns between 2019 and 2023, reaching a nadir of -357.74% in 2022. However, a substantial recovery occurred by February 3, 2024, where the ROA improved dramatically to -4.23%, moving closest to a break-even position compared to any previous year in the period.
- Canada Segment
- The Canadian market exhibited a period of relative stability and minimal losses between 2021 and 2022, with ROA figures of -3.66% and -13.25% respectively. This was followed by a severe deterioration, with returns plummeting to -232.43% in 2023 and further declining to -494.12% in 2024, the lowest point across all segments.
- Australia Segment
- Australia was the only region to demonstrate a sustained period of positive asset returns. After starting at -114.53% in 2019, the segment transitioned to profitability in 2020 (28.92%) and peaked sharply in 2021 at 352.70%. While returns remained positive through 2023, the segment reverted to a negative ROA of -17.68% in 2024.
- Europe Segment
- The European segment exhibited chronic underperformance, remaining consistently negative throughout the six-year analysis. Returns fluctuated within a range of -81.63% to -148.49%, concluding the period at -121.69% in 2024, indicating a persistent inability to generate positive returns on assets.
Comparatively, the most recent fiscal year highlights a stark divergence between the United States and Canadian operations. While the U.S. segment nearly eliminated its negative asset return, the Canadian segment experienced an accelerated collapse. Additionally, the transition of the Australian segment from high profitability back to a loss suggests a volatile asset efficiency profile, whereas the European segment's stability in negative territory indicates a systemic operational challenge.
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Segment ROA: United States
GameStop Corp.; United States; segment ROA calculation
| Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Operating earnings (loss) | (2,400) | (286,200) | (358,100) | (211,000) | (343,900) | (533,900) |
| Property and equipment, net | 56,800) | 83,300) | 100,100) | 125,200) | 164,900) | 188,700) |
| Segment Profitability Ratio | ||||||
| Segment ROA1 | -4.23% | -343.58% | -357.74% | -168.53% | -208.55% | -282.94% |
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).
1 2024 Calculation
Segment ROA = 100 × Operating earnings (loss) ÷ Property and equipment, net
= 100 × -2,400 ÷ 56,800 = -4.23%
The financial performance of the United States segment is characterized by a period of significant operational losses followed by a sharp recovery toward break-even status in the most recent fiscal year. This trend is accompanied by a consistent and substantial reduction in the net value of property and equipment over the six-year period ending February 3, 2024.
- Operating Earnings Performance
- A volatile trend in operating earnings is observed, with initial losses of 533.9 million USD in 2019 narrowing to 211.0 million USD by 2021. While a regression occurred in 2022 with losses increasing to 358.1 million USD, a dramatic improvement followed. By February 3, 2024, operating losses were reduced to 2.4 million USD, representing a near-complete elimination of operating deficits compared to previous years.
- Asset Base Reduction
- Net property and equipment have undergone a continuous decline throughout the analyzed period. The asset value decreased from 188.7 million USD in 2019 to 56.8 million USD in 2024. This steady contraction indicates a systemic reduction in the segment's physical asset footprint or an acceleration of depreciation and asset write-downs.
- Segment Return on Assets (ROA)
- The Segment ROA reflects extreme volatility, closely mirroring the relationship between operating losses and a shrinking asset base. High negative percentages were recorded between 2019 and 2023, peaking at -357.74% in 2022, suggesting that operating losses vastly exceeded the value of the net assets employed. However, the ROA improved substantially to -4.23% in 2024, signaling a critical inflection point in asset productivity and a shift toward operational sustainability.
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Segment ROA: Canada
GameStop Corp.; Canada; segment ROA calculation
| Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Operating earnings (loss) | (8,400) | (8,600) | (1,100) | (300) | (14,900) | (19,300) |
| Property and equipment, net | 1,700) | 3,700) | 8,300) | 8,200) | 17,000) | 17,100) |
| Segment Profitability Ratio | ||||||
| Segment ROA1 | -494.12% | -232.43% | -13.25% | -3.66% | -87.65% | -112.87% |
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).
1 2024 Calculation
Segment ROA = 100 × Operating earnings (loss) ÷ Property and equipment, net
= 100 × -8,400 ÷ 1,700 = -494.12%
The Canadian segment exhibits a persistent trend of operating losses coupled with a severe contraction of its asset base, leading to highly volatile and deeply negative returns on assets over the six-year period ending February 3, 2024.
- Operating Earnings Trend
- Operating losses remained a constant feature of the segment's performance. The most significant improvement occurred in January 2021, when losses were reduced to $300,000. However, this improvement was not sustained, as losses widened again to $8.6 million in January 2023 and remained at $8.4 million in February 2024.
- Net Property and Equipment Reduction
- A consistent downward trend in net property and equipment is observed, with values declining from $17.1 million in February 2019 to $1.7 million by February 2024. This represents a systematic reduction in the segment's capital investment or a significant write-down of physical assets.
- Segment ROA Volatility
- The Segment ROA shows extreme fluctuation. After improving from -112.87% in 2019 to a peak of -3.66% in 2021, the ratio collapsed to -494.12% by 2024. The acceleration of this negative return is driven by the persistence of operating losses coinciding with a drastically reduced asset base.
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Segment ROA: Australia
GameStop Corp.; Australia; segment ROA calculation
| Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Operating earnings (loss) | (3,500) | 13,800) | 30,600) | 52,200) | 9,400) | (46,500) |
| Property and equipment, net | 19,800) | 20,900) | 15,600) | 14,800) | 32,500) | 40,600) |
| Segment Profitability Ratio | ||||||
| Segment ROA1 | -17.68% | 66.03% | 196.15% | 352.70% | 28.92% | -114.53% |
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).
1 2024 Calculation
Segment ROA = 100 × Operating earnings (loss) ÷ Property and equipment, net
= 100 × -3,500 ÷ 19,800 = -17.68%
The Australia segment experienced significant financial volatility between February 2019 and February 2024, characterized by a sharp recovery in profitability that peaked in 2021 before retreating into a deficit by 2024. This period is marked by a substantial contraction of the asset base and extreme fluctuations in return on assets.
- Operating Earnings Performance
- Operating results shifted from a loss of US$ 46.5 million in 2019 to a peak profit of US$ 52.2 million in 2021. Following this peak, earnings entered a consistent downward trajectory, declining to US$ 30.6 million in 2022 and US$ 13.8 million in 2023, eventually returning to a loss of US$ 3.5 million by February 2024.
- Asset Base Evolution
- Net property and equipment saw a significant reduction during the early part of the period, falling from US$ 40.6 million in 2019 to a low of US$ 14.8 million in 2021. Asset levels remained relatively stable thereafter, with a slight increase to US$ 20.9 million in 2023 before ending the period at US$ 19.8 million in 2024.
- Segment Return on Assets (ROA) Analysis
- The Segment ROA exhibited extreme volatility, reflecting the combined impact of fluctuating earnings and a diminishing asset base. The ratio moved from -114.53% in 2019 to an anomalous peak of 352.70% in 2021. This surge was driven by the simultaneous achievement of peak operating earnings and the lowest recorded level of net property and equipment. Subsequent years showed a steep decline in ROA, dropping to 196.15% in 2022, 66.03% in 2023, and finally ending at -17.68% in 2024, mirroring the decline in operating profitability.
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Segment ROA: Europe
GameStop Corp.; Europe; segment ROA calculation
| Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Operating earnings (loss) | (20,200) | (30,600) | (39,900) | (78,700) | (50,200) | (102,300) |
| Property and equipment, net | 16,600) | 28,600) | 39,600) | 53,000) | 61,500) | 74,900) |
| Segment Profitability Ratio | ||||||
| Segment ROA1 | -121.69% | -106.99% | -100.76% | -148.49% | -81.63% | -136.58% |
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).
1 2024 Calculation
Segment ROA = 100 × Operating earnings (loss) ÷ Property and equipment, net
= 100 × -20,200 ÷ 16,600 = -121.69%
The European segment demonstrates a consistent pattern of operating losses and a shrinking asset base over the six-year period ending February 3, 2024. While the absolute magnitude of operating losses has decreased significantly, the segment has failed to achieve profitability, resulting in deeply negative Return on Assets (ROA) figures throughout the observed timeframe.
- Operating Earnings Trend
- A general downward trend in operating losses is observed, moving from a loss of US$ 102.3 million in 2019 to a loss of US$ 20.2 million in 2024. Although a temporary increase in losses occurred in 2021 (US$ 78.7 million), the subsequent years show a steady improvement in operational efficiency, with losses narrowing annually from 2022 through 2024.
- Asset Base Contraction
- Net property and equipment have experienced a continuous and precipitous decline, falling from US$ 74.9 million in 2019 to US$ 16.6 million in 2024. This represents a reduction of approximately 77.8% of the segment's tangible asset base, indicating significant depreciation or divestment of physical assets within the European region.
- Segment ROA Analysis
- The Segment ROA remains volatile and severely negative, fluctuating between a high of -81.63% in 2020 and a low of -148.49% in 2021. Despite the reduction in operating losses, the simultaneous and rapid contraction of the asset base has prevented the ROA from stabilizing. The 2024 ROA of -121.69% confirms that the segment continues to operate at a loss that exceeds the carrying value of its net property and equipment.
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Segment Asset Turnover
GameStop Corp., asset turnover by reportable segment
| Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | |
|---|---|---|---|---|---|---|
| United States | 60.38 | 49.14 | 41.82 | 27.29 | 27.28 | 30.74 |
| Canada | 172.06 | 93.00 | 40.04 | 31.51 | 20.25 | 25.41 |
| Australia | 26.39 | 28.17 | 37.94 | 42.25 | 16.17 | 15.90 |
| Europe | 61.95 | 31.52 | 22.73 | 14.89 | 17.87 | 18.76 |
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).
The analysis of segment asset turnover reveals a divergent pattern of operational efficiency across geographic regions from 2019 to 2024. While North American and European segments demonstrate significant increases in asset utilization, the Australian segment exhibits a trend of diminishing returns following a peak in 2021.
- United States Segment
- A consistent upward trajectory is observed starting in 2021. After a period of relative stability between 2020 and 2021, the ratio climbed from 27.29 to 60.38 by February 3, 2024, indicating a substantial improvement in the ability to generate revenue from the regional asset base.
- Canada Segment
- This segment shows the most aggressive growth in asset turnover. From a low of 20.25 in 2020, the ratio experienced an exponential increase, reaching 172.06 in 2024. This trajectory suggests a drastic optimization of assets or a significant reduction in the asset base relative to revenue generation.
- Australia Segment
- A volatile pattern is evident, characterized by a sharp spike to 42.25 in 2021, followed by a steady decline to 26.39 in 2024. This indicates a period of high efficiency that was not sustained, resulting in a downward trend in asset productivity over the final three years of the period.
- Europe Segment
- Following a dip to a low of 14.89 in 2021, the European segment has demonstrated a strong recovery. The ratio increased steadily to 61.95 by 2024, reflecting a significant enhancement in operational efficiency and asset turnover compared to the 2019 baseline.
Overall, the data indicates a strategic shift toward higher asset efficiency in the Western markets, with the Canadian segment acting as the primary driver of ratio expansion. Conversely, the Australian segment remains the only region where asset turnover has failed to maintain its 2021 peak, diverging from the broader corporate trend of increasing asset productivity.
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Segment Asset Turnover: United States
GameStop Corp.; United States; segment asset turnover calculation
| Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net sales | 3,429,400) | 4,093,000) | 4,186,500) | 3,417,100) | 4,497,700) | 5,800,200) |
| Property and equipment, net | 56,800) | 83,300) | 100,100) | 125,200) | 164,900) | 188,700) |
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | 60.38 | 49.14 | 41.82 | 27.29 | 27.28 | 30.74 |
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).
1 2024 Calculation
Segment asset turnover = Net sales ÷ Property and equipment, net
= 3,429,400 ÷ 56,800 = 60.38
The United States segment exhibits a diverging trend between revenue generation and asset utilization. While net sales have experienced significant volatility and an overall decline since 2019, the segment asset turnover ratio has increased substantially, particularly from 2021 through 2024.
- Net Sales Performance
- Net sales peaked in February 2019 at approximately $5.8 billion before declining to a low of $3.4 billion by January 2021. A moderate recovery occurred between 2022 and 2023, with sales reaching $4.1 billion, but a subsequent decline returned the figure to $3.4 billion by February 2024.
- Asset Base Contraction
- Property and equipment, net, shows a consistent and uninterrupted downward trend over the analyzed period. The value fell from $188.7 million in 2019 to $56.8 million in 2024, representing a significant reduction in the segment's physical asset investment.
- Segment Asset Turnover Trends
- The asset turnover ratio remained relatively stable between 2020 and 2021, hovering around 27.3. Following this period, the ratio accelerated sharply, rising to 41.82 in 2022, 49.14 in 2023, and peaking at 60.38 in 2024. This upward trajectory is primarily driven by the aggressive reduction of the asset base, which outpaced the fluctuations in net sales, resulting in a higher ratio of revenue generated per unit of asset.
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Segment Asset Turnover: Canada
GameStop Corp.; Canada; segment asset turnover calculation
| Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net sales | 292,500) | 344,100) | 332,300) | 258,400) | 344,200) | 434,500) |
| Property and equipment, net | 1,700) | 3,700) | 8,300) | 8,200) | 17,000) | 17,100) |
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | 172.06 | 93.00 | 40.04 | 31.51 | 20.25 | 25.41 |
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).
1 2024 Calculation
Segment asset turnover = Net sales ÷ Property and equipment, net
= 292,500 ÷ 1,700 = 172.06
The Canadian segment exhibits a divergent relationship between revenue generation and its asset base over the observed six-year period. While net sales have experienced volatility and a general downward trajectory from their peak, the asset base has contracted sharply, resulting in a significant and accelerating increase in the segment asset turnover ratio.
- Net Sales Performance
- Net sales peaked in February 2019 at 434.5 million USD, followed by a period of decline that reached a minimum of 258.4 million USD in January 2021. A moderate recovery was observed between 2022 and 2023, with sales reaching 344.1 million USD, before declining again to 292.5 million USD by February 2024.
- Asset Base Reduction
- A consistent and aggressive contraction in net property and equipment is evident. The value decreased from 17.1 million USD in 2019 to 1.7 million USD in 2024. This represents a total reduction of approximately 90% over the period, with the most pronounced declines occurring in 2021 and throughout the 2023-2024 interval.
- Segment Asset Turnover Analysis
- The asset turnover ratio demonstrates an exponential upward trend, rising from 25.41 in 2019 to 172.06 in 2024. This acceleration is driven by the disproportionate rate at which assets were reduced relative to the fluctuations in net sales. The rapid increase from a ratio of 40.04 in 2022 to 172.06 in 2024 indicates a transition toward an extremely asset-light operational model within the Canadian segment.
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Segment Asset Turnover: Australia
GameStop Corp.; Australia; segment asset turnover calculation
| Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net sales | 522,500) | 588,700) | 591,800) | 625,300) | 525,400) | 645,400) |
| Property and equipment, net | 19,800) | 20,900) | 15,600) | 14,800) | 32,500) | 40,600) |
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | 26.39 | 28.17 | 37.94 | 42.25 | 16.17 | 15.90 |
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).
1 2024 Calculation
Segment asset turnover = Net sales ÷ Property and equipment, net
= 522,500 ÷ 19,800 = 26.39
Analysis of the Australian segment reveals significant volatility in asset efficiency over the six-year period ending February 3, 2024. The segment experienced a dramatic increase in asset turnover peaking in 2021, followed by a consistent decline in the subsequent three fiscal years.
- Net Sales Performance
- Revenue exhibits a fluctuating trajectory, starting at 645.4 million USD in 2019 and concluding at 522.5 million USD in 2024. Although a recovery was observed in 2021, with sales reaching 625.3 million USD, the subsequent years show a steady contraction, with the 2024 figure representing the lowest revenue level in the analyzed period.
- Property and Equipment Trends
- A substantial reduction in net property and equipment occurred between 2019 and 2021, falling from 40.6 million USD to 14.8 million USD. This represents a reduction of approximately 63.5% of the asset base. Following this period of contraction, asset levels stabilized and marginally increased to 19.8 million USD by February 2024.
- Segment Asset Turnover Interpretation
- The asset turnover ratio increased sharply from 16.17 in 2020 to 42.25 in 2021. This peak was primarily driven by the aggressive reduction in the net property and equipment base rather than a proportional surge in sales. Since 2021, the ratio has trended downward to 26.39 by February 2024, reflecting a combination of diminishing net sales and a slight recovery in the asset base.
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Segment Asset Turnover: Europe
GameStop Corp.; Europe; segment asset turnover calculation
| Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net sales | 1,028,400) | 901,400) | 900,100) | 789,000) | 1,098,700) | 1,405,200) |
| Property and equipment, net | 16,600) | 28,600) | 39,600) | 53,000) | 61,500) | 74,900) |
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | 61.95 | 31.52 | 22.73 | 14.89 | 17.87 | 18.76 |
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).
1 2024 Calculation
Segment asset turnover = Net sales ÷ Property and equipment, net
= 1,028,400 ÷ 16,600 = 61.95
The European segment has experienced a significant shift in asset utilization efficiency between February 2019 and February 2024. While net sales underwent a period of contraction followed by a gradual recovery, the asset base underwent a continuous and steep reduction, resulting in a substantial increase in the segment asset turnover ratio.
- Net Sales Performance
- Net sales exhibited a downward trend from 2019 to 2021, falling from US$ 1,405.2 million to a low of US$ 789 million. Since 2021, a consistent recovery has been observed, with sales rising to US$ 1,028.4 million by February 2024, although the volume remains below the levels recorded in February 2019.
- Fixed Asset Reduction
- Net property and equipment showed a consistent and uninterrupted decline throughout the analyzed period. Assets decreased from US$ 74.9 million in 2019 to US$ 16.6 million in 2024, representing a total reduction of approximately 77.8% in the net value of fixed assets.
- Segment Asset Turnover Dynamics
- The segment asset turnover ratio initially declined from 18.76 in 2019 to a minimum of 14.89 in 2021, correlating with the contraction in sales. However, starting in 2022, the ratio accelerated sharply, reaching 61.95 by February 2024. This exponential growth is primarily attributable to the aggressive reduction of the asset base, which outpaced the fluctuations in net sales and significantly inflated the turnover efficiency metric.
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Segment Capital Expenditures to Depreciation
GameStop Corp., capital expenditures to depreciation by reportable segment
| Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | |
|---|---|---|---|---|---|---|
| United States | 0.54 | 0.93 | 0.83 | 1.06 | 0.98 | 0.77 |
| Canada | 0.09 | 0.00 | 1.07 | 0.32 | 1.11 | 1.19 |
| Australia | 1.18 | 1.90 | 1.34 | 0.30 | 0.51 | 1.07 |
| Europe | 0.70 | 0.54 | 0.45 | 0.12 | 0.53 | 0.79 |
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).
The analysis of capital expenditures relative to depreciation across reportable segments reveals diverging investment strategies and varying levels of asset replacement across different geographic markets over the six-year period.
- United States Segment
- The ratio exhibited a moderate upward trend from 2019, peaking at 1.06 in January 2021, which suggests a period where capital spending slightly exceeded the depreciation of existing assets. However, a subsequent downward trend occurred, culminating in a low of 0.54 by February 2024, indicating a significant reduction in reinvestment relative to asset consumption.
- Canada Segment
- Investment patterns in Canada are characterized by high volatility. After remaining above 1.0 between 2019 and 2020, the ratio plummeted to 0.32 in 2021 before recovering to 1.07 in 2022. The most recent figure for February 2024 shows a precipitous drop to 0.09, signaling minimal capital expenditure relative to depreciation.
- Australia Segment
- Australia experienced a sharp contraction in the ratio during 2020 and 2021, reaching a low of 0.30. This was followed by an aggressive increase in capital allocation, peaking at 1.90 in January 2023. While the ratio moderated to 1.18 by February 2024, it remains the only segment where capital expenditure consistently exceeds depreciation in the most recent periods.
- Europe Segment
- The European market followed a V-shaped trajectory. Following a decline to a nadir of 0.12 in January 2021, the ratio has demonstrated a consistent annual increase for three consecutive years, recovering to 0.70 by February 2024.
Overall, the global investment profile shifted from a relatively balanced state in 2019 toward a more concentrated approach, where capital resources are prioritized in the Australian market while being heavily curtailed in North American operations.
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Segment Capital Expenditures to Depreciation: United States
GameStop Corp.; United States; segment capital expenditures to depreciation calculation
| Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Capital expenditures | 21,500) | 37,600) | 42,300) | 54,500) | 56,800) | 51,500) |
| Depreciation and amortization | 39,700) | 40,600) | 50,700) | 51,200) | 57,800) | 67,100) |
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | 0.54 | 0.93 | 0.83 | 1.06 | 0.98 | 0.77 |
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).
1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 21,500 ÷ 39,700 = 0.54
The financial trajectory for the United States segment reflects a systematic reduction in both capital investment and the corresponding depreciation of assets over the analyzed period.
- Capital Expenditure Trends
- Capital expenditures experienced a peak of 56.8 million USD in 2020, followed by a consistent downward trend. By February 3, 2024, annual spending had decreased to 21.5 million USD, marking a significant reduction in the allocation of funds toward new fixed assets compared to the 2019 baseline of 51.5 million USD.
- Depreciation and Amortization Trends
- Depreciation and amortization costs decreased steadily from 67.1 million USD in 2019 to 39.7 million USD in 2024. This consistent decline indicates a shrinking asset base or the natural expiration of the useful life of previously acquired assets.
- Segment Capital Expenditures to Depreciation Ratio
- The reinvestment ratio demonstrated a period of growth between 2019 and 2021, peaking at 1.06. This peak indicated a phase where capital spending exceeded the rate of asset depreciation, suggesting asset modernization or expansion. However, this trend reversed after 2021. A sharp decline is observed in the final year, with the ratio falling to 0.54 by 2024. This suggests a strategy of significant under-investment relative to asset consumption, where new capital is being deployed at approximately half the rate of depreciation.
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Segment Capital Expenditures to Depreciation: Canada
GameStop Corp.; Canada; segment capital expenditures to depreciation calculation
| Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Capital expenditures | 200) | —) | 3,100) | 1,000) | 4,200) | 4,400) |
| Depreciation and amortization | 2,200) | 4,100) | 2,900) | 3,100) | 3,800) | 3,700) |
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | 0.09 | 0.00 | 1.07 | 0.32 | 1.11 | 1.19 |
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).
1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 200 ÷ 2,200 = 0.09
The financial trajectory for the Canada segment indicates a substantial contraction in capital reinvestment relative to asset depreciation. While the segment initially maintained an investment pace that exceeded asset wear-and-tear, there has been a pronounced shift toward minimal capital spending in recent years.
- Capital Expenditure Trends
- Capital expenditures began at US$ 4.4 million in 2019 and remained relatively stable at US$ 4.2 million in 2020. A significant reduction occurred in 2021, with spending falling to US$ 1.0 million. Despite a temporary increase to US$ 3.1 million in 2022, expenditures plummeted to a period low of US$ 200 thousand by February 3, 2024.
- Depreciation and Amortization Patterns
- Depreciation and amortization expenses exhibited moderate fluctuations, ranging from US$ 2.9 million to US$ 3.8 million between 2019 and 2022. A peak of US$ 4.1 million was recorded in 2023, followed by a decrease to US$ 2.2 million in 2024.
- Analysis of the Capital Expenditure to Depreciation Ratio
- The ratio of capital expenditures to depreciation served as a key indicator of asset renewal. In 2019 and 2020, ratios of 1.19 and 1.11, respectively, indicated that the segment was investing more than the value of the assets being depreciated. This trend shifted sharply in 2021 to 0.32, suggesting significant under-investment. After a brief return to a maintenance level of 1.07 in 2022, the ratio fell to 0.09 by February 3, 2024. This final metric indicates that capital investment has become almost negligible compared to the depreciation of the existing asset base.
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Segment Capital Expenditures to Depreciation: Australia
GameStop Corp.; Australia; segment capital expenditures to depreciation calculation
| Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Capital expenditures | 7,800) | 12,700) | 9,400) | 2,300) | 4,500) | 10,500) |
| Depreciation and amortization | 6,600) | 6,700) | 7,000) | 7,600) | 8,900) | 9,800) |
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | 1.18 | 1.90 | 1.34 | 0.30 | 0.51 | 1.07 |
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).
1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 7,800 ÷ 6,600 = 1.18
The Australian segment exhibits a volatile investment cycle characterized by an initial period of contraction followed by a significant phase of reinvestment and subsequent stabilization. The relationship between capital expenditures and depreciation indicates a shift from asset depletion to aggressive expansion and a eventual return to a balanced replacement rate.
- Capital Expenditure Trends
- Capital spending experienced a sharp decline between February 2019 and January 2021, falling from 10.5 million USD to a low of 2.3 million USD. This contraction was followed by a rapid escalation in spending, peaking at 12.7 million USD in January 2023, before moderating to 7.8 million USD by February 2024.
- Depreciation and Amortization Trajectory
- A consistent downward trend is observed in depreciation and amortization expenses over the entire six-year period. Values decreased steadily from 9.8 million USD in 2019 to 6.6 million USD in 2024, suggesting a gradual reduction in the depreciable asset base or the completion of the depreciation cycle for older assets.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio fluctuated significantly, signaling three distinct operational phases. From 2020 to 2021, the ratio dropped well below 1.0, reaching a minimum of 0.30, which indicates that capital investment was insufficient to cover the wear and tear of existing assets. A reversal occurred between 2022 and 2023, with the ratio peaking at 1.90, reflecting a period of heavy investment that far exceeded annual depreciation. By February 2024, the ratio settled at 1.18, suggesting a transition toward a sustainable maintenance and modest growth posture.
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Segment Capital Expenditures to Depreciation: Europe
GameStop Corp.; Europe; segment capital expenditures to depreciation calculation
| Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Capital expenditures | 5,400) | 5,600) | 7,200) | 2,200) | 13,000) | 19,800) |
| Depreciation and amortization | 7,700) | 10,300) | 15,900) | 18,100) | 24,700) | 25,000) |
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | 0.70 | 0.54 | 0.45 | 0.12 | 0.53 | 0.79 |
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).
1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 5,400 ÷ 7,700 = 0.70
The financial trajectory of the Europe segment reveals a period of significant contraction in asset investment followed by a gradual recovery phase. Analysis of the relationship between capital expenditures and depreciation and amortization indicates a shift in the segment's asset replacement strategy over the six-year period ending February 3, 2024.
- Capital Expenditure Trends
- A substantial decrease in capital expenditures was observed from February 2, 2019, through January 30, 2021, where spending dropped from 19.8 million US dollars to a low of 2.2 million US dollars. Following this trough, investment levels experienced a moderate rebound to 7.2 million US dollars in January 2022 and have since stabilized between 5.4 million and 5.6 million US dollars through February 2024.
- Depreciation and Amortization Trajectory
- Depreciation and amortization expenses exhibited a consistent and linear decline throughout the entire period. Starting at 25 million US dollars in February 2019, the figure decreased every consecutive year, reaching 7.7 million US dollars by February 3, 2024. This steady reduction suggests a shrinking depreciable asset base or the completion of the depreciation cycle for significant historical investments.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation serves as an indicator of asset renewal. The ratio declined sharply from 0.79 in February 2019 to a minimum of 0.12 in January 2021, signifying a period where investment was insufficient to cover the depreciation of existing assets. From January 2022 onward, a recovery trend is evident, with the ratio climbing steadily to 0.45, 0.54, and finally 0.70 by February 2024. While the ratio is trending upward, it has not yet returned to the 2019 peak, indicating that the segment is still operating below its historical asset replacement rate.
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Net sales
GameStop Corp., net sales by reportable segment
US$ in thousands
| Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | |
|---|---|---|---|---|---|---|
| United States | 3,429,400) | 4,093,000) | 4,186,500) | 3,417,100) | 4,497,700) | 5,800,200) |
| Canada | 292,500) | 344,100) | 332,300) | 258,400) | 344,200) | 434,500) |
| Australia | 522,500) | 588,700) | 591,800) | 625,300) | 525,400) | 645,400) |
| Europe | 1,028,400) | 901,400) | 900,100) | 789,000) | 1,098,700) | 1,405,200) |
| Total | 5,272,800) | 5,927,200) | 6,010,700) | 5,089,800) | 6,466,000) | 8,285,300) |
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).
Total net sales exhibit a significant downward trajectory over the analyzed six-year period, decreasing from US$ 8,285,300 thousand in 2019 to US$ 5,272,800 thousand in 2024. A critical trough is observed in 2021, where total revenue reached a period low of US$ 5,089,800 thousand, followed by a partial recovery in 2022 before entering another decline through 2024.
- United States Segment
- The United States remains the primary revenue driver but has experienced the most substantial absolute decline. Sales dropped from US$ 5,800,200 thousand in 2019 to US$ 3,429,400 thousand in 2024. The segment mirrored the global trend with a sharp decline until 2021, a brief resurgence in 2022, and a subsequent downward shift.
- Canada Segment
- Net sales in Canada followed a pattern highly correlated with the United States market. Revenue declined from US$ 434,500 thousand in 2019 to a low of US$ 258,400 thousand in 2021, before recovering slightly and ultimately settling at US$ 292,500 thousand in 2024.
- Australia Segment
- The Australian market demonstrated greater relative stability compared to North American operations. Although sales decreased from US$ 645,400 thousand in 2019 to US$ 522,500 thousand in 2024, the fluctuations were less severe, with 2021 showing a temporary increase relative to 2020.
- Europe Segment
- The European segment showed a distinct recovery pattern. After falling from US$ 1,405,200 thousand in 2019 to US$ 789,000 thousand in 2021, this region experienced consistent year-over-year growth through 2024, reaching US$ 1,028,400 thousand.
The overall revenue contraction is primarily driven by the erosion of sales in the North American markets. While Europe has shown a positive recovery trend since 2021, it has not been sufficient to offset the systemic decline in the larger United States segment.
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Operating earnings (loss)
GameStop Corp., operating earnings (loss) by reportable segment
US$ in thousands
| Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | |
|---|---|---|---|---|---|---|
| United States | (2,400) | (286,200) | (358,100) | (211,000) | (343,900) | (533,900) |
| Canada | (8,400) | (8,600) | (1,100) | (300) | (14,900) | (19,300) |
| Australia | (3,500) | 13,800) | 30,600) | 52,200) | 9,400) | (46,500) |
| Europe | (20,200) | (30,600) | (39,900) | (78,700) | (50,200) | (102,300) |
| Total | (34,500) | (311,600) | (368,500) | (237,800) | (399,600) | (702,000) |
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).
Total operating losses experienced a significant downward trend over the analyzed six-year period, declining from a peak loss of 702 million USD in 2019 to 34.5 million USD in 2024. While fluctuations occurred between 2021 and 2023, the final reporting period demonstrates a substantial improvement in overall operating performance, bringing the organization closer to a break-even position.
- United States Segment
- The United States represents the largest driver of operating losses. Losses were most severe in 2019 at 533.9 million USD, followed by a period of volatility. A dramatic recovery is observed in the final year, with losses narrowing to 2.4 million USD, representing the most significant operational improvement across all segments.
- Canada Segment
- Operating results in Canada remained consistently negative throughout the period. Losses peaked in 2019 at 19.3 million USD and reached a near-break-even point in 2021. However, losses expanded again in 2023 and 2024, stabilizing at approximately 8.4 million USD.
- Australia Segment
- Australia was the only segment to achieve sustained profitability for a multi-year period, transitioning from a 46.5 million USD loss in 2019 to a peak operating gain of 52.2 million USD in 2021. This profitability declined steadily through 2023 before the segment returned to an operating loss of 3.5 million USD in 2024.
- Europe Segment
- The European segment exhibited a general trajectory of loss reduction. From an initial loss of 102.3 million USD in 2019, losses narrowed to 20.2 million USD by 2024. Despite a temporary increase in losses in 2021, the long-term trend indicates a steady improvement in operational efficiency within this region.
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Depreciation and amortization
GameStop Corp., depreciation and amortization by reportable segment
US$ in thousands
| Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | |
|---|---|---|---|---|---|---|
| United States | 39,700) | 40,600) | 50,700) | 51,200) | 57,800) | 67,100) |
| Canada | 2,200) | 4,100) | 2,900) | 3,100) | 3,800) | 3,700) |
| Australia | 6,600) | 6,700) | 7,000) | 7,600) | 8,900) | 9,800) |
| Europe | 7,700) | 10,300) | 15,900) | 18,100) | 24,700) | 25,000) |
| Total | 56,200) | 61,700) | 76,500) | 80,000) | 95,200) | 105,600) |
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).
Total depreciation and amortization expenses have exhibited a consistent year-over-year decline across all reportable segments from February 2019 through February 2024. The aggregate annual expenditure decreased from $105.6 million to $56.2 million, representing an overall reduction of approximately 46.8%. This downward trajectory suggests a significant contraction in the depreciable asset base or a transition toward fully depreciated assets across global operations.
- United States Operations
- As the primary driver of total expenses, the United States segment experienced a decline from $67.1 million in 2019 to $39.7 million in 2024. This reduction of approximately 40.8% indicates a substantial decrease in the domestic capital asset footprint over the analyzed period.
- European Operations
- The European segment demonstrated the most aggressive contraction, with expenses falling from $25.0 million in 2019 to $7.7 million in 2024. This represents a relative decrease of approximately 69.2%, signaling a more pronounced reduction in assets within the European market relative to other geographic regions.
- Australian Operations
- A steady and linear downward trend is observed in the Australian segment, where expenses moved from $9.8 million in 2019 to $6.6 million in 2024. This region showed the least volatility among the larger segments, maintaining a gradual decline in amortization and depreciation costs.
- Canadian Operations
- The Canadian segment remained the smallest in absolute terms, with expenses fluctuating between $2.2 million and $4.1 million. Despite a brief increase in 2023, the segment concluded the period with a net decrease from $3.7 million in 2019 to $2.2 million in 2024.
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Capital expenditures
GameStop Corp., capital expenditures by reportable segment
US$ in thousands
| Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | |
|---|---|---|---|---|---|---|
| United States | 21,500) | 37,600) | 42,300) | 54,500) | 56,800) | 51,500) |
| Canada | 200) | —) | 3,100) | 1,000) | 4,200) | 4,400) |
| Australia | 7,800) | 12,700) | 9,400) | 2,300) | 4,500) | 10,500) |
| Europe | 5,400) | 5,600) | 7,200) | 2,200) | 13,000) | 19,800) |
| Total | 34,900) | 55,900) | 62,000) | 60,000) | 78,500) | 86,200) |
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).
Total capital expenditures exhibit a consistent long-term downward trajectory, decreasing from 86,200 thousand US dollars in 2019 to 34,900 thousand US dollars in 2024. This represents an overall reduction of approximately 59.5% over the analyzed period, signaling a significant contraction in capital investment across all reportable segments.
- United States Segment
- The United States has consistently remained the largest recipient of capital allocation. Investment peaked in 2020 at 56,800 thousand US dollars before entering a period of steady decline. A notable acceleration in this reduction occurred between 2023 and 2024, where expenditures dropped from 37,600 thousand to 21,500 thousand US dollars.
- Canada Segment
- Investment in Canada has diminished to negligible levels. After starting at 4,400 thousand US dollars in 2019, spending experienced significant volatility, reaching a low of 1,000 thousand US dollars in 2021 and concluding at 200 thousand US dollars in 2024.
- Australia Segment
- The Australian segment demonstrates a divergent spending pattern compared to other regions. Following a sharp decline to 2,300 thousand US dollars in 2021, capital expenditures surged to a period peak of 12,700 thousand US dollars in 2023, before retreating to 7,800 thousand US dollars in 2024.
- Europe Segment
- Capital expenditures in Europe underwent a substantial correction, falling from 19,800 thousand US dollars in 2019 to a low of 2,200 thousand US dollars in 2021. While a partial recovery occurred in 2022, spending has since stabilized at approximately 5,400 thousand US dollars.
The distribution of capital suggests a strategic pivot toward reduced physical expenditure. While the United States continues to dominate the budget, the relative weight of the Australian segment has increased due to the aggressive reduction of spend in the US, Canadian, and European markets.
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Property and equipment, net
GameStop Corp., property and equipment, net by reportable segment
US$ in thousands
| Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | |
|---|---|---|---|---|---|---|
| United States | 56,800) | 83,300) | 100,100) | 125,200) | 164,900) | 188,700) |
| Canada | 1,700) | 3,700) | 8,300) | 8,200) | 17,000) | 17,100) |
| Australia | 19,800) | 20,900) | 15,600) | 14,800) | 32,500) | 40,600) |
| Europe | 16,600) | 28,600) | 39,600) | 53,000) | 61,500) | 74,900) |
| Total | 94,900) | 136,500) | 163,600) | 201,200) | 275,900) | 321,300) |
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 consistent and significant downward trend in net property and equipment is evident across all reportable segments from February 2019 to February 2024. The total value declined from 321.3 million USD to 94.9 million USD, representing a cumulative reduction of approximately 70.5% over the six-year period.
- United States Segment
- The United States represents the largest absolute decrease in asset value, falling from 188.7 million USD in 2019 to 56.8 million USD in 2024. This downward trajectory has been persistent year-over-year, reflecting a substantial contraction in the domestic asset base.
- Canada Segment
- The Canadian segment experienced the most severe relative decline. Assets decreased from 17.1 million USD in 2019 to 1.7 million USD in 2024, indicating a near-total reduction of the net property and equipment footprint in this region.
- Australia Segment
- Australia exhibited a more volatile pattern compared to other regions. While values dropped from 40.6 million USD in 2019 to a low of 14.8 million USD in 2021, a partial recovery occurred by 2023, reaching 20.9 million USD before settling at 19.8 million USD in 2024.
- Europe Segment
- The European segment showed a steady and steep decline, moving from 74.9 million USD in 2019 to 16.6 million USD in 2024. The most accelerated period of reduction occurred between 2023 and 2024, where the value decreased by approximately 42% in a single year.
The aggregate data indicates a systemic reduction in capital assets across all geographic markets. The uniformity of the decline suggests a broad strategic shift involving the divestment of assets, store closures, or significant impairment charges across the global operational footprint.
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