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GameStop (NYSE: GME) has announced that it will release its first quarter fiscal 2024 results on June 11, 2024, after the market closes.
The release will provide insights into the company's financial performance during the first quarter of the fiscal year 2024.
GameStop Corp. (NYSE: GME) announced the completion of its 'at-the-market' equity offering program. Initially disclosed on May 17, 2024, the company filed a prospectus supplement with the SEC to offer and sell up to 45 million shares of common stock. The maximum number of shares was sold, resulting in gross proceeds of approximately $933.4 million before commissions and expenses. GameStop plans to use the net proceeds for general corporate purposes, including acquisitions and investments.
GameStop announced preliminary unaudited financial results for Q1 ending May 4, 2024. The company projects net sales between $0.872 billion and $0.892 billion, a decline from $1.237 billion in Q1 2023. SG&A expenses are expected to range between $290 million and $300 million, down from $345.7 million the previous year. The net loss is forecasted between $27 million and $37 million, improving from a $50.5 million loss in Q1 2023. Cash, cash equivalents, and marketable securities are projected between $1.073 billion and $1.093 billion, compared to $1.310 billion a year earlier.
