Stock Analysis on Net
Stock Analysis on Net

GameStop Corp. (NYSE:GME)

This company has been moved to the archive! The financial data has not been updated since June 11, 2024.

Common-Size Income Statement
Quarterly Data

GameStop Corp., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: May 4, 2024 Feb 3, 2024 Oct 28, 2023 Jul 29, 2023 Apr 29, 2023 Jan 28, 2023 Oct 29, 2022 Jul 30, 2022 Apr 30, 2022 Jan 29, 2022 Oct 30, 2021 Jul 31, 2021 May 1, 2021 Jan 30, 2021 Oct 31, 2020 Aug 1, 2020 May 2, 2020 Feb 1, 2020 Nov 2, 2019 Aug 3, 2019 May 4, 2019 Feb 2, 2019 Nov 3, 2018 Aug 4, 2018 May 5, 2018
Net sales 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of sales -72.27 -76.63 -73.87 -73.72 -76.78 -77.55 -75.42 -75.16 -78.34 -83.22 -75.43 -72.88 -74.15 -78.86 -72.50 -73.23 -72.34 -72.78 -69.34 -68.96 -69.55 -75.55 -71.16 -68.69 -70.26
Gross profit 27.73% 23.37% 26.13% 26.28% 23.22% 22.45% 24.58% 24.84% 21.66% 16.78% 24.57% 27.12% 25.85% 21.14% 27.50% 26.77% 27.66% 27.22% 30.66% 31.04% 30.45% 24.45% 28.84% 31.31% 29.74%
Selling, general and administrative expenses -33.47 -20.03 -27.50 -27.71 -27.94 -20.36 -32.70 -34.11 -32.81 -23.91 -32.51 -32.02 -29.00 -19.75 -35.87 -36.96 -37.86 -23.32 -33.05 -37.48 -29.31 -18.04 -25.25 -31.21 -27.14
Asset impairments 0.00 -0.27 0.00 0.00 0.00 -0.01 0.00 -0.22 0.00 -0.27 0.00 0.00 -0.05 -0.50 0.00 -0.10 -0.38 -0.47 -0.79 -28.30 0.00 -13.99 -30.36 0.00 0.00
Gain on sale of assets 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.10 1.20 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating earnings (loss) -5.74% 3.08% -1.36% -1.43% -4.72% 2.08% -8.12% -9.49% -11.15% -7.40% -7.94% -4.90% -3.20% 0.89% -6.27% -9.09% -10.58% 3.43% -3.17% -34.74% 1.13% -7.58% -26.76% 0.10% 2.60%
Interest income (expense), net 1.69 0.85 1.20 1.00 0.78 0.28 0.31 0.03 -0.05 -0.04 -0.06 -0.04 -1.93 -0.39 -0.97 -0.80 -0.66 -0.30 -0.42 -0.54 -0.50 -0.34 -0.67 -0.93 -0.77
Other income (expense), net 0.00 0.03 -0.23 0.17 -0.15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income (loss) from continuing operations before income taxes -4.05% 3.96% -0.40% -0.26% -4.09% 2.35% -7.81% -9.46% -11.20% -7.44% -8.00% -4.94% -5.13% 0.50% -7.24% -9.88% -11.23% 3.13% -3.59% -35.29% 0.63% -7.92% -27.43% -0.83% 1.84%
Income tax (expense) benefit 0.39 -0.44 0.11 0.02 0.01 -0.19 -0.18 -0.11 -0.25 0.90 -0.13 -0.26 -0.10 3.28 5.36 -1.90 -4.94 -2.00 -2.20 3.12 -0.15 -0.85 1.24 -1.83 -0.69
Net income (loss) from continuing operations -3.66% 3.52% -0.29% -0.24% -4.08% 2.16% -7.98% -9.57% -11.46% -6.54% -8.13% -5.21% -5.23% 3.78% -1.87% -11.78% -16.17% 1.13% -5.78% -32.17% 0.48% -8.77% -26.19% -2.65% 1.14%
Income (loss) from discontinued operations, net of tax 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 -0.03 -0.06 -0.18 -0.01 -0.13 -0.05 2.64 0.95 0.99 0.44
Net income (loss) -3.66% 3.52% -0.29% -0.24% -4.08% 2.16% -7.98% -9.57% -11.46% -6.54% -8.13% -5.21% -5.23% 3.79% -1.87% -11.82% -16.23% 0.96% -5.80% -32.30% 0.44% -6.13% -25.25% -1.66% 1.58%

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).

Analysis of the common-size income statement reveals significant volatility in profitability and operating efficiency over the observed period. The organization has struggled to maintain consistent positive net margins, with frequent swings between modest gains and substantial losses.

Gross Profitability
Gross margins exhibit a fluctuating range between 16.78% and 31.31%. A period of relative stability was observed between 2018 and 2020, followed by a sharp decline to a low of 16.78% in January 2022. A recovery trend emerged subsequently, with the most recent figure reaching 27.73% in May 2024.
Operating Expense Management
Selling, general and administrative (SG&A) expenses represent a substantial burden on revenue, frequently exceeding 30% of net sales. These expenses are characterized by high volatility, peaking at -37.86% in May 2020. The inconsistency in SG&A costs often offsets gross profit gains, contributing to recurring operating losses.
Non-Recurring Impacts
Asset impairments have caused severe periodic distortions in operating results, most notably in November 2018 (-30.36%) and August 2019 (-28.30%). These one-time charges have historically deepened quarterly losses and obscured underlying operational performance.
Financial Income Trends
A distinct shift in the net interest position is evident. From May 2018 through June 2022, interest was predominantly a net expense. Starting in July 2022, a transition to generating positive interest income occurred, which has grown steadily to reach 1.69% of net sales by May 2024, acting as a partial offset to operating losses.
Net Profitability
Net income remains erratic, with the majority of quarters resulting in losses. The most severe contraction occurred in August 2019, with a net loss of -32.30% of net sales. While sporadic quarters of positive returns occurred, such as in January 2021 and February 2024, the period concluded with a net loss of -3.66% in May 2024.

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