Summary by Moomoo AI
GameStop, a leading specialty retailer in gaming, has reported a decrease in net sales by 11.0% to $5.272.8 million for fiscal 2023 compared to $5,927.2 million in the previous year. The decline was primarily due to a decrease in software sales by 16.5%, collectibles by 21.8%, and video game accessories by 11.8%. However, new hardware sales saw a 3.2% increase. Gross profit also fell by 5.7% to $1,294.2 million, but gross profit as a percentage of net sales improved to 24.5%. Selling, general, and administrative expenses saw a significant reduction by 21.2% to $1,323.9 million, contributing to an operating loss of $34.5 million, which is an 88.9% improvement from the previous year's operating loss of $311.6 million. Net interest income increased substantially to $49.5 million, and the company reported a net income of $6.7 million, a notable...Show More
