Summary by Moomoo AI
GameStop Corp. reported Q3 2024 financial results, with net sales of $860.3 million, down 20.2% YoY, and net income of $17.4 million. Gross profit margin improved to 29.9% from 26.1% last year, driven by a shift to higher-margin products. SG&A expenses decreased 4.9% to $282.0 million.The company's cash position strengthened significantly to $4.62 billion, bolstered by proceeds from at-the-market (ATM) stock offerings. GameStop raised approximately $3.47 billion through these offerings during the year. The company also voluntarily terminated its $250 million revolving credit facility in August 2024.GameStop continues to focus on cost containment and profitability, including closing underperforming stores. The company exited operations in Ireland, Switzerland, and Austria in fiscal 2023, and is winding down operations in Germany. GameStop also sold its Italian subsidiary in November 2024 as part of its ongoing international portfolio optimization efforts.
