GameStop reported Q1 fiscal 2024 net sales of $881.8 million, down 28.7% from $1.24 billion in the prior year period. The decline was primarily driven by a 30.4% drop in hardware and accessories sales to $505.3 million, while software sales fell 29.1% to $239.7 million. Net loss narrowed to $32.3 million from $50.5 million year-over-year, with loss per share improving to $0.11 from $0.17.Gross profit margin expanded to 27.7% from 23.2% last year, despite gross profit declining 14.9% to $244.5 million. The company achieved $50.6 million in selling, general and administrative expense reductions through continued cost optimization efforts, primarily in labor, consulting and marketing costs. Operating loss improved to $50.6 million from $58.4 million in the prior year.The company maintained a strong liquidity position with $999.9 million in cash and $83.0 million in marketable securities as of May 4, 2024. In May and June 2024, GameStop completed an at-the-market equity offering, raising approximately $3.07 billion in gross proceeds through the sale of 120 million shares. The company plans to use proceeds for general corporate purposes including potential acquisitions and investments.

GameStop reported Q1 fiscal 2024 net sales of $881.8 million, down 28.7% from $1.24 billion in the prior year period. The decline was primarily driven by a 30.4% drop in hardware and accessories sales to $505.3 million, while software sales fell 29.1% to $239.7 million. Net loss narrowed to $32.3 million from $50.5 million year-over-year, with loss per share improving to $0.11 from $0.17.Gross profit margin expanded to 27.7% from 23.2% last year, despite gross profit declining 14.9% to $244.5 million. The company achieved $50.6 million in selling, general and administrative expense reductions through continued cost optimization efforts, primarily in labor, consulting and marketing costs. Operating loss improved to $50.6 million from $58.4 million in the prior year.The company maintained a strong liquidity position with $999.9 million in cash and $83.0 million in marketable securities as of May 4, 2024. In May and June 2024, GameStop completed an at-the-market equity offering, raising approximately $3.07 billion in gross proceeds through the sale of 120 million shares. The company plans to use proceeds for general corporate purposes including potential acquisitions and investments.