"GameStop Reports Third Quarter Fiscal Year 2022 Results
December 7, 2022
GRAPEVINE, Texas--(BUSINESS WIRE)--Dec. 7, 2022-- GameStop Corp. (NYSE: GME) (“GameStop” or the “Company”) today released financial results for the third quarter ended October 29, 2022. The Company’s condensed and consolidated financial statements, including GAAP and non-GAAP results, are below. The Company’s Form 10-Q and supplemental information can be found at investor.GameStop.com.
THIRD QUARTER OVERVIEW
Net sales were $1.186 billion, compared to $1.297 billion in the prior year's third quarter.
Sales attributable to new and expanded brand relationships were strong in the quarter, while sales in the collectibles category remained strong on a year-to-date basis.
Selling, general and administrative expenses (“SG&A”) were $387.9 million, or 32.7% of sales, compared to $421.5 million, or 32.5% of sales, in the prior year's third quarter. Notably, SG&A as a percentage of revenue was down on a sequential basis from 34.1% in Q2 of this year, reflecting the Company’s ongoing cost reduction efforts.
Inventory was $1.131 billion at the close of the period, compared to $1.141 billion at the close of the prior year's third quarter.
Cash, cash equivalents and marketable securities were $1.042 billion at the close of the third quarter.
Long-term debt remains limited to a low-interest, unsecured term loan associated with the French government’s response to COVID-19.
CONFERENCE CALL INFORMATION
The Company will host an investor conference call today, December 7, 2022, at 5:00 pm ET to review its financial results. The phone number for the investor conference call is 1-877-407-6169 and the confirmation code is 13734613. This call, along with supplemental information, can also be accessed at investor.GameStop.com. A recording of the conference call will be made available on the Company’s investor relations website for two months."
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