GameStop Reports Annual and Quarterly Earnings

Strong Revenue Growth Driven By Digital Transformation

Grapevine, Texas--(BUSINESS WIRE)--June 8, 2023--

GameStop Corp. (NYSE: GME) today reported financial results for both its fiscal year and fourth quarter ended in January 2023. Net sales for the fiscal year 2023 were $5.273 billion, compared to $5.927 billion in fiscal year 2022. For the fourth quarter, net sales were $2.226 billion, compared to $2.254 billion in the prior year's fourth quarter.

Despite a slight decline in overall net sales, the company experienced strong growth in its digital business. During the fourth quarter, digital sales increased by 17.4%, driven by the continued expansion of the company's e-commerce platform and the growth of its digital collectibles business.

GameStop's transformation into a customer-centric, omnichannel retailer is progressing well. The company continues to invest in enhancing its digital capabilities, expanding its product offerings, and improving its in-store experience. These initiatives are designed to drive long-term growth and profitability.

In conclusion, GameStop's focus on digital transformation and omnichannel retailing is paying off. The company's strong revenue growth and continued investment in its business position it well for continued success in the years to come.