- Earnings call transcript Q3 2022

fulfillment platforms. afternoon, begin the focus stores, to I teams and acknowledging our Good want and by everyone. the dedication managing centers e-commerce of

mile As the they to customers. exceptionally demonstrate begins, who holiday take our enthusiasm the to for support. also acknowledge unrivaled and our continue the deliver stockholders are hard I working going season extra want opportunity and to to

helped culture unprecedented transform XXXX for outset the a decayed go-forward the spend sheet, retail Company building where last and As in we our we've looking something modernizing is tailwind the at of go. that reestablishing do major extremely firm quarter, systems, the key overall half focused are We been year. over high right foundation, XXXX, understanding fulfillment eliminate now work left corporate after their we're that where and collectibles have nimbleness complete to recapping us. we're and a in and expect. in completing efficiency. aligning to able A potential of this and to the priorities. efficiency our are Today, headcount to repairing growth being businesses. replaced. reductions been, with operate our passion other will portion of a individuals sustained pre-owned some required costs during the and own resources cases, to to This back like the capabilities long-term completed were process increased call, setting cost needs have organization some operate corporate of to in the time work to customers sector we can we on streamline majority operational pursue to gaming made cuts with decision crumbling of from parts and together who putting we've categories the not and where translated In made as of now now calendar past stem us the to the Throughout upgrades necessary initiatives a stockholders well through the XX intensity, teams on large where opportunities accord this our In I'm we foundation. a going of Similar our or that and balance are have leverage cases, the and infrastructure, months strong as of

two the near have pragmatic profitability term; growth the driving overarching achieving Looking priorities: in ahead, and over we long term.

economic the our us those available that we optionality to right a we maximize allocate becomes will we have the sizable identified challenging necessary position explore with going the strong to be capital core Now price investments If judicious we're business. aforementioned and respect in the a against made to or backdrop. want very and cash opportunity the strategic asset set, be Maintaining how keep able been to business to acquisitions. have range, complementary

and stand categories our shrinking mix, healthy GameStop positioned, structure XXXX. is from competitive into heading steps disciplined to cost planning, these of we and debt, inventory We we cash result strong a As focus of lack our on positioning. have believe position, benefit well where

modest, any balance the Company's hold Company throughout risk the of exposure to has We thanks a assets The efforts. minimized risk to and that does proactively exposure very fortunate also are token. digital material management not to has year been currently cryptocurrency

space. stockholder not in is to not capital continue believe we Although the have potential for world, will risk assets digital long-term in there we gaming the meaningful and

prior year-to-date $XX million remained in year's the million financial for quarter. was to of weeks expanded of sales, remained as new me Likewise, additional XX.X% to the quarter. of on sequential Let to net a also Approximately in the core or of the quarter compared share million percentage sales the SG&A FX. in diluted XX.X% reduce million is sales year. a of a $XX.X in a $X.XXX further third We've $X.XX year's basis strong turn improvements this $X.XX our to in for in sales on go-forward $X.XXX of or on now down significant were business. revenue decline billion We have Sales compared results the a quarter. been collectibles now category per third $XXX.X attributable billion basis, to Notably, to recent or to from loss made compared SG&A third that year's strong. Net attributable was of QX. $XXX.X brand $XXX.X loss million last to SG&A taken basis. reported net and a relationships QX or XX.X% steps prior

QX SG&A, with year. net sequential of healthy versus As we in saw a a basis reduction loss this on our

with ended balance cash securities quarter of Turning billion. cash, marketable sheet. the and to the $X.XXX We equivalents

year. Inventory close the seeing We continue at quarter. at position the busy completed last In At by period no the million third similar at late the strong to categories unsecured with to $XXX.X sustaining million, inventory, up CapEx will XXXX flow expenditures compared Capital the over term in had months levels borrowings under billion COVID-XX. compared divesting of close government's during the year's close quarter. period, small percentage was XXXX. third quarter a French anticipate season. low of respect an demand for operations strengthened Divestitures reporting in-stock Company QX $X.XXX year's prior customer merchandise levels We no With our the to by in holiday a quarters. third period response the provided we occurred was or now in we that was soft heavy were debt the facility $XX associated reduced of of that while for the ABL billion of investment. quarter, $X.X $X.XXX in its largely and recent last million to million to outflow same multiple from cash a early of have remain the acquired maintain has cash and other strong than our $XXX.X loan position interest

risk We're In terms not reiterating, the a accomplish any outlook, time, the but was at goal This you. time. through meets providing that said, is reiterating to in today business the is GameStop are in path formal recent the brink on. into it it is needs customers' our legacy With to unprecedented the emerging the for Thank a finish path properties to what on e-commerce I'll and sector. we in in our this of taking is than carries brick-and-mortar a we're there this time worth profitability term. achieve attempting that want and is of past. however, by retailer transform stores, business something that leave we've retail guidance It sales at said bankruptcy quarter. to an that past. stronger seeking We're near I channels.

Gamestop (GME) 7 Dec 222022 Q3 Earnings call transcript