Michael M. Santiago/Getty Images News
Michael M. Santiago/Getty Images News
GameStop Corp. (NYSE:GME) moved higher in after-hours trading Q1 as investors sized up the retailer’s quarterly loss.
Revenue rose 7.8% to $1.38B during the quarter. Hardware and accessories sales of $674M accounted for 48.9% of total sales vs. 55.1% a year ago, while software sales of $484M rose to 35.1% of the sales mix from 31.2% last year. Collectibles revenue was up 26% Y/Y to $221M and accounted for 16.0% of the total vs. 13.7% a year ago.
GameStop (GME) recorded an operating loss of $154M, compared to a loss of $41M a year ago. Notably, SG&A expenses were up 22% to $452M. Inventory was $917.6M vs. $570.9M at the close of the quarter last year. The higher inventory level was said to reflect a continued focus on improving in-stock levels in merchandise to meet increased customer demand and offset supply chain headwinds.
GameStop (GME) reiterated that its NFT Marketplace is planned to launch in Q2.
Shares of GameStop (GME) broke 4.53% higher in after-hours trading to $126.11. The stock was down 2.68% during the regular session. GME still stands 16% below its 200-day moving average.
