GameStop sees 17% dip in Q1 2025 net sales
US videogame and merchandise retailer GameStop has announced its financial results for the first quarter (Q1) ended 3 May 2025, revealing net sales of $732.4m, down from $881.8m in the same period of 2024.
The company has consistently faced challenges due to a shift in consumer habits, moving from buying physical games to preferring digital downloads, streaming services and online purchases.
GameStop observed a shift in sales mix between the period. Hardware and accessories experienced a drop in net sales and their percentage of total sales decreased from 57.3% to 47.1%. Software sales also saw a reduction in their share of total sales from 27.2% to 24%, while collectibles experienced an increase in net sales and their share of total sales.
After the end of the quarter, GameStop completed the divestiture of its Canadian operations on 4 May. The company also purchased 4,710 Bitcoin between 3 May and 10 June, using cash.
The company has seen a significant reduction in operating loss, down to $10.8m for the period, compared to $50.6m in Q1 2024.
It transitioned from a net loss of $32.3m for Q1 2024 to a net income of $44.8m in Q1 2025.
The operating loss includes $35.5m of impairment charges connected to international restructuring efforts.
The company's selling, general and administrative expenses decreased to $228.1m from $295.1m year-on-year.
When adjusting for impairment charges and other items, GameStop's operating income stood at $27.5m, compared to an adjusted operating loss of $55m in Q1 2024.
The company's liquidity position has also strengthened, with cash, cash equivalents and marketable securities totalling $6.4bn at the end of the quarter, up from $1bn at the close of the previous year's first quarter.
In the quarter, the company's management agreed to a plan to offload its operations in France. The sale is expected to complete during the fiscal year 2025.
"GameStop sees 17% dip in Q1 2025 net sales" was originally created and published by Retail Insight Network, a GlobalData owned brand.
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