Gamestop Corp Stock Price, News & Analysis

GameStop Corp. has announced the formation of a Strategic Planning and Capital Allocation Committee to spearhead its transformation efforts. The committee, headed by Ryan Cohen, aims to identify initiatives that enhance shareholder value. Key actions include appointing a Chief Technology Officer, hiring executives for customer care and e-commerce, and planning a CFO succession. The committee will evaluate GameStop's operational objectives and digital capabilities while focusing on transitioning into a technology-oriented business.

GameStop Corp. (NYSE: GME) announced the resignation of Jim Bell, CFO, effective March 26, 2021. The company appreciates his contributions, particularly during the COVID-19 pandemic. GameStop has engaged a leading executive search firm to find a permanent CFO. If a replacement isn't appointed by Bell's departure, Diana Jajeh, the current Senior VP and Chief Accounting Officer, will serve as interim CFO. Jajeh brings over 20 years of experience, having worked at firms like PricewaterhouseCoopers and Visa.

GameStop Corp. has announced the appointment of new executives to bolster its transformation efforts. Matt Francis will take on the role of Chief Technology Officer starting February 15, 2021, bringing over 20 years of e-commerce experience from Amazon Web Services. Kelli Durkin, formerly at Chewy, joins as Senior Vice President of Customer Care on March 1, 2021, with a focus on enhancing customer service initiatives. Josh Krueger, with a background at Amazon and Walmart, will serve as Vice President of Fulfillment, also starting March 1, 2021, overseeing e-commerce fulfillment centers.

GameStop Corp. (NYSE: GME) reported holiday sales results for the nine-week period ending January 2, 2021. The company saw a 4.8% increase in comparable store sales and a 309% surge in E-Commerce sales, comprising about 34% of total sales. However, total sales fell by 3.1% due to an 11% reduction in store count and temporary closures from COVID-19 impacts. Despite these challenges, the demand for new gaming consoles is strong, and GameStop expects to benefit as supply constraints ease throughout 2021.

GameStop Corp. (NYSE: GME) announced a partnership with RC Ventures, managed by Ryan Cohen, leading to the immediate appointment of three new directors: Alan Attal, Ryan Cohen, and Jim Grube. This agreement aims to refresh GameStop's Board, expanding it from 10 to 13 members, while four current members will not seek reelection. The new board members bring extensive e-commerce and technology expertise to drive growth and enhance shareholder value. GameStop is focused on leveraging its omni-channel capabilities and improving e-commerce sales as part of its transformation strategy.

GameStop reported a 257% surge in global e-commerce sales for Q3 2020, demonstrating strong omni-channel capabilities. While net sales totaled $1,004.7 million, a 30.2% decline from the previous year, comparable store sales fell 24.6% amidst a challenging environment. The company reduced SG&A expenses by $115 million, achieving a net loss of $18.8 million, significantly improved from the prior year's loss of $83.4 million. With $603 million in cash reserves, GameStop anticipates positive sales growth in Q4 2020 driven by new console demand and ongoing strategic initiatives.

GameStop has announced its 2020 Cyber Week sale, running from Nov. 29 to Dec. 5, featuring extensive discounts on video games, hardware, and collectibles. Key promotions include up to 50% off Same Day Delivery services and significant savings on select gaming PCs and Vizio Smart TVs. Daily deals will be offered online, with notable titles like Assassin’s Creed: Valhalla priced at $49.99 available on Monday only. GameStop encourages customers to utilize its ‘Shop in Easy Mode’ for a seamless shopping experience.

GameStop Corp. (NYSE: GME) will report its third quarter fiscal 2020 earnings results on December 8, 2020, after the market closes. An investor conference call will be held at 5:00 PM ET on the same day to discuss the financial results. Investors can access the call via phone at 877-451-6152 using the confirmation code 13713035. GameStop is the world’s largest video game retailer, with over 5,000 stores in 10 countries, offering new and pre-owned gaming products and collectibles. Further details can be found on their investor relations website.