Videogame retailer GameStop (GME) reported strong Fiscal 2021 first-quarter results on June 9.
Revenue rose 25.1% year-over-year to $1.3 billion and beat consensus estimates of $1.2 billion. Management noted that sales increased even though the company operated fewer stores in the quarter.
GameStop stores continued to be closed across Europe because of the COVID-19 pandemic.
The adjusted loss of $0.45 per share improved from a loss of $2.44 per share a year ago and beat consensus expectations for a loss of $0.83 per share.
GameStop did not provide guidance for the second quarter but said it continues to see momentum in sales trends. Total sales in May jumped 27% compared to the same period last year.
Alongside the quarterly results, the company said it may sell up to 5 million shares to raise money to invest in growth initiatives and keep its balance sheet strong. Shares fell around 27% on Thursday on concerns by shareholders over the potential dilution of their holdings. GameStop...read more...