Common-Size Income Statement
Quarterly Data
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Return on Assets (ROA) since 2006
- Price to Operating Profit (P/OP) since 2006
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GameStop Corp., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05).
- Cost of Sales
- Over the reviewed periods, the cost of sales as a percentage of net sales fluctuates noticeably, generally ranging between approximately -68.69% and -83.22%. There is a notable increase in cost of sales around early 2022, peaking near -83.22%, indicating rising production or procurement costs relative to net sales. This elevated cost trend partially moderates toward the most recent quarters, though it remains higher than the earlier periods.
- Gross Profit
- Gross profit margins have experienced volatility, initially showing levels around 29-31% but declining significantly at times, with a low near 16.78% in early 2022. After this dip, gross profit percentages show signs of recovery, rising back toward the upper 20% range by mid-2024. This pattern reflects the inverse relationship to the cost of sales trend and suggests pressure on profitability during certain periods, especially around 2021-2022.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses relative to net sales are highly variable, with some quarters showing expenses above -37%, while others have values closer to -18%. Notably, there are sharp increases in SG&A in mid-2019 and mid-2020, followed by periods of decline. Such swings imply fluctuating operational or administrative spending, which may impact overall profitability in conjunction with gross margin performance.
- Asset Impairments
- Asset impairments have been sporadically present, with significant negative impacts noted in late 2018 (-30.36%) and sporadic smaller impairments across other periods, generally below -1%. These impairments have likely contributed to the negative impacts on operating earnings and net income during respective quarters.
- Gain on Sale of Assets
- A gain on sale of assets appears in the latter part of 2020, with positive contributions of 1.2% and 2.1% of net sales in consecutive quarters. This one-time gain may have temporarily enhanced operating earnings and net income during that timeframe.
- Operating Earnings (Loss)
- Operating earnings exhibit considerable volatility, swinging from positive low single digits percentages (e.g., 2.6% in mid-2018) to substantial losses exceeding -34.74% (mid-2019). While some quarters return to positive territory around 2020 and 2024, the overall trend suggests instability in core operating profitability, affected by fluctuating cost and expense structures alongside impairments.
- Interest Income (Expense), Net
- The net interest expense component generally shows modest negative values in earlier years, transitioning toward net interest income in recent periods. The latter quarters report positive contributions peaking at 1.69%, which may indicate favorable debt management or investment income influencing overall profitability.
- Other Income (Expense), Net
- Other income and expense items are minimal and irregular, with minor negative and positive fluctuations recorded sporadically in recent years, exerting limited impact on total results.
- Income Before Income Taxes
- Income before taxes broadly follows the pattern of operating earnings, with significant negative outcomes recorded during periods of high impairments and elevated costs, such as late 2018 and mid-2019. Positive pre-tax income occurs intermittently, notably during quarters with reduced impairments and operational improvements.
- Income Tax Expense (Benefit)
- Income tax expense shows variability, occasionally providing benefits in certain quarters (e.g., 5.36% in late 2020) that counterbalance pre-tax losses. Overall, tax effects partially mitigate some of the earnings volatility seen across quarters.
- Net Income (Loss) from Continuing Operations
- Net income from continuing operations exhibits substantial swings consistent with operating earnings behavior, reaching deep negative levels (around -32.17% in mid-2019) and occasionally turning positive, especially in 2020 and 2024. This variability reflects underlying business challenges and occasional recovery phases.
- Income (Loss) from Discontinued Operations
- Discontinued operations mostly contribute small positive or near-neutral effects during early periods, with limited presence in latter quarters, indicating minor influence on overall profitability.
- Net Income (Loss)
- Overall net income trends mirror those of continuing operations, demonstrating significant volatility with steep losses in several quarters, particularly in 2018-2019, followed by some recovery. Recent quarters show mixed results, with occasional positive returns suggesting tentative financial stabilization but continued challenges in achieving consistent profitability.