GameStop earnings fall short of expectations, but online sales offer some hope

CNN Business2021-03-24

New York (CNN Business) - After several wild weeks in the spotlight, GameStop's released financial results for the three months ended January 30 that fell short of Wall Street expectations. Now the ...

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Comments

KamenRider
2021-03-25
KamenRider
BUY AND HOLD THE ROCKET IS REFUELING AND READY TO BLAST OFF!
KamenRider
2021-03-25
KamenRider
holding foreverrr.
OlWestyWin
2021-03-25
OlWestyWin
should i buy guys? ><
Dem0171c
2021-03-24
Dem0171c
Up and to the moon
Edwintan2
2021-03-24
Edwintan2
All the way down ?
- EzzyDibz:
  Nice!
小獭獭
2021-03-24
小獭獭
Please like and comment ❣️
- BestRegards:
  Okay

Leave a comment

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Net income from the quarter hit $80.5 million, or $1.19 per diluted share — well below analysts' projections but a significant improvement from the $21 million in net income it earned during its fiscal fourth quarter last year.\nFor the full year 2020, GameStop posted a net loss of more than $215 million.\nOne bright spot: The gaming retailer's global e-commerce sales increased 175%, representing 34% of the company's total net revenue during the quarter. During the same period last year, e-commerce made up just 12% of total sales.\nThat bodes well for the company's effort to transition to relying more on online sales, a move that's especially important given that it closed a net 693 stores during 2020. It now has 4,816 stores globally.\n\"Our emphasis in 2021 will be on improving our e-commerce and customer experience, increasing our speed of delivery, providing superior customer service and expanding our catalogue,\" CEO George Sherman said in a statement.\nThe company's stock initially jumped more than 5% in after-hours trading immediately following the release, before reversing to fall more than 10%. And while corporate earnings calls are typically dry events attended mostly by analysts and reporters, GameStop's Tuesday call hit max capacity and stopped allowing in additional listeners more than an hour before it began.\nThe company's Tuesday earnings report is its first since a Reddit-fueled trading frenzy in late January took Gamestop's stock on a rollercoaster ride — and exposed a stark divide between investors betting that the struggling retailer's performance will worsen and those counting on a comeback.\nThe company's stock quickly fell from its wild peaks during the January rally, but many investors haven't given up. On Tuesday, GameStop shares closed down nearly 7% at $181.75, but were still more than 850% higher than where they started this year.\nGameStop's plan for the future\nThe earnings report also comes in the midst of an executive shakeup at GameStop that's likely the work of Ryan Cohen,the billionaire Chewy.com founder who invested heavily in GameStop last year and joined its board in January. Many investors hope Cohen will help make the gaming retailer a more formidable competitor in the e-commerce age.\nIn early February,GameStop appointed Matt Francis, a former engineering leader at Amazon Web Services, as its first-ever chief technology officer to oversee \"e-commerce and technology functions.\" Weeks later, the company announced the resignation of Chief Financial Officer Jim Bell and said it would seek a new finance leader with the \"capabilities and qualifications to help accelerate GameStop's transformation.\"\nAnd on Sunday, the company said its Chief Customer Officer Frank Hamlin will also leave the firm at the end of March, according to a notice filed with the Securities and Exchange Commission.\nThe company announced even more leadership changeson Tuesday. It appointed Jenna Owens — previously a director and general manager for distribution and multi-channel fulfillment atAmazon(AMZN)who held senior operations roles atGoogle(GOOGL)andHoneywell(HON)— as its chief operating officer starting March 29. Owens could be key helping the company execute a strategy Sherman outlined Tuesday to update its US distribution network and speed delivery times.\nNeda Pacifico, formerly Chewy's vice president of e-commerce, will become GameStop's new senior vice president of e-commerce. And Ken Suzuki, former vice president of supply chain technology at online store Zulily, was hired as GameStop's vice president of supply chain systems.\nWedbush analysts said in a note to investors ahead of the report last week that they remain \"quite optimistic\" that the company will return to profitability in 2021, thanks in large part to the launches of popular new gaming consoles. Still, the analysts aren't recommending GameStop's stock currently because the Reddit-fueled trading activity \"has spiked the share price to levels that are completely disconnected from the fundamentals of the business.\"\nGameStop provided no financial guidance for 2021. But Sherman used Tuesday's call to detail a number of other strategic initiatives aimed at turning the business around in 2021.\nAmong those efforts is a plan to establish a US-based \"customer care operation,\" the CEO said on the call. \"We are focused on providing exceptional customer service levels across all channels regardless of where, when or how our customers shop with us,\" he said. \"We are accomplishing this with a technology-driven approach, along with our streamlined retail footprint.\"\nGameStop is also looking to expand its product offerings beyond video games and consoles by adding PC gaming products, computers, monitors, mobile gaming and gaming TVs. Such product offerings could expand the company's addressable market by \"over five times,\" Sherman said.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":351572870,"gmtCreate":1616612994290,"gmtModify":1704796456358,"author":{"id":"3577856128840768","authorId":"3577856128840768","name":"KamenRider","avatar":"https://static.tigerbbs.com/a2f699db0bfbdac787144690340af5e1","vip":1,"hat":"https://static.tigerbbs.com/d30fc324d24ff33075e053005564f0df","crmLevel":1,"crmLevelSwitch":0,"idStr":"3577856128840768","authorIdStr":"3577856128840768"},"htmlText":"BUY AND HOLD THE ROCKET IS REFUELING AND READY TO BLAST OFF!","listText":"BUY AND HOLD THE ROCKET IS REFUELING AND READY TO BLAST OFF!","text":"BUY AND HOLD THE ROCKET IS REFUELING AND READY TO BLAST OFF!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/351572870","repostId":1113209673,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":351572065,"gmtCreate":1616612939357,"gmtModify":1704796455388,"author":{"id":"3577856128840768","authorId":"3577856128840768","name":"KamenRider","avatar":"https://static.tigerbbs.com/a2f699db0bfbdac787144690340af5e1","vip":1,"hat":"https://static.tigerbbs.com/d30fc324d24ff33075e053005564f0df","crmLevel":1,"crmLevelSwitch":0,"idStr":"3577856128840768","authorIdStr":"3577856128840768"},"htmlText":"holding foreverrr.","listText":"holding foreverrr.","text":"holding foreverrr.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/351572065","repostId":1113209673,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":351586909,"gmtCreate":1616603433301,"gmtModify":1704796390180,"author":{"id":"3576842498816961","authorId":"3576842498816961","name":"OlWestyWin","avatar":"https://community-static.tradeup.com/news/93e373a0872ed8b0ff02d477f9c9b1b0","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":3,"crmLevelSwitch":1,"idStr":"3576842498816961","authorIdStr":"3576842498816961"},"htmlText":"should i buy guys? &gt;&lt;","listText":"should i buy guys? &gt;&lt;","text":"should i buy guys? ><","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/351586909","repostId":1113209673,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":351639007,"gmtCreate":1616592740809,"gmtModify":1704796088173,"author":{"id":"3571706108874965","authorId":"3571706108874965","name":"Dem0171c","avatar":"https://static.tigerbbs.com/28a58b3c964064b6dcc209f03697fba7","vip":1,"crmLevel":2,"crmLevelSwitch":1,"idStr":"3571706108874965","authorIdStr":"3571706108874965"},"htmlText":"Up and to the moon","listText":"Up and to the moon","text":"Up and to the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/351639007","repostId":1113209673,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":351873664,"gmtCreate":1616589795658,"gmtModify":1704796049862,"author":{"id":"3573801537393103","authorId":"3573801537393103","name":"Edwintan2","avatar":"https://static.tigerbbs.com/8830f8b4a1a6f38017261ab94cbec014","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3573801537393103","authorIdStr":"3573801537393103"},"htmlText":"All the way down ?","listText":"All the way down ?","text":"All the way down ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/351873664","repostId":1113209673,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3871418,"gmtCreate":1616589820156,"gmtModify":1680781547565,"authorId":3571702273402464,"author":{"id":3571702273402464,"idStr":"3571702273402464","authorId":3571702273402464,"name":"EzzyDibz","avatar":"https://community-static.tradeup.com/news/0bd6e11f2fa121d2b984b0948505dc3f","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":351873664,"type":1,"supId":0,"prevId":0,"content":"Nice!","text":"Nice!","html":"Nice!"}],"langContent":"EN"},{"id":351846280,"gmtCreate":1616589149940,"gmtModify":1704796041617,"author":{"id":"3574979473661125","authorId":"3574979473661125","name":"小獭獭","avatar":"https://static.tigerbbs.com/efbd85c02219122d727f3ce8ce3b6f24","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3574979473661125","authorIdStr":"3574979473661125"},"htmlText":"Please like and comment ❣️","listText":"Please like and comment ❣️","text":"Please like and comment ❣️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/351846280","repostId":1113209673,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3871381,"gmtCreate":1616589518324,"gmtModify":1680781545326,"authorId":3569966082363390,"author":{"id":3569966082363390,"idStr":"3569966082363390","authorId":3569966082363390,"name":"BestRegards","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":351846280,"type":1,"supId":0,"prevId":0,"content":"Okay","text":"Okay","html":"Okay"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":23,"commentSize":13,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1113209673"}