Gamestop releases earnings report for Q3
EPS: $(1.39) vs. $(0.22) expected
THIRD QUARTER OVERVIEW
Net sales were $1.297 billion for the quarter, compared to $1.005 billion in the prior year’s third quarter.
Sales attributable to new and expanded brand relationships, such as Samsung, LG, Razer, Vizio and others, contributed to the Company's growth in the quarter.
Inventory was $1.141 billion at the close of the quarter, compared to $861 million at the close of the prior year’s third quarter, reflecting the Company’s focus on front-loading investments in inventory to meet increased customer demand and mitigate supply chain issues.
Ended the period with cash and cash equivalents of $1.413 billion as well as no debt other than a $46.2 million low-interest, unsecured term loan associated with the French government’s response to COVID-19.
Established new offices in Seattle, Washington and Boston, Massachusetts, which are technology hubs with established talent markets.
Secured a new $500 million ABL facility, which closed in November just after the end of the third quarter, with improved liquidity and terms, including reduced borrowing costs, lighter covenants and additional flexibility.
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Marilyne : if theres one thing thats for sure, it is that gamestop is a controversial topic!
Nalini : GME still gets baseless ridicule for being a "dying" brick-and-mortar retailer when that is so far from the case. It is transforming into a legitimate tech company. Just look at its job postings for proof.
Forget about everything you know about the short squeeze. This company has a bright future led by a stellar management team. Invest in that.
Mittchell : as much as they short us as much as we going to moon , i was on $GameStop (GME.US)$ and $AMC Entertainment (AMC.US)$
before and i feel the same vibe .