We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
GameStop Corp Holding Company | NYSE:GME | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.60 | 5.35% | 11.81 | 12.19 | 11.00 | 11.18 | 7,685,106 | 01:00:00 |
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
FOR THE QUARTERLY PERIOD ENDED APRIL 29, 2017
|
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
FOR THE TRANSITION PERIOD FROM
|
TO
|
Delaware
|
|
20-2733559
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
625 Westport Parkway,
|
76051
(Zip Code)
|
|
Grapevine, Texas
|
||
(Address of principal executive offices)
|
|
|
|
|
Page No.
|
|
|
|
|
|
Item 1.
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
Item 2.
|
|
||
|
|
|
|
Item 3.
|
|
||
|
|
|
|
Item 4.
|
|
||
|
|||
|
|
|
|
Item 1.
|
|
||
|
|
|
|
Item 1A.
|
|
||
|
|
|
|
Item 6.
|
|
||
|
|
|
|
|
|||
|
|
|
|
|
|
|
April 29,
2017 |
|
April 30,
2016 |
|
January 28,
2017 |
||||||
ASSETS
|
||||||||||||
Current assets:
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
|
$
|
311.9
|
|
|
$
|
473.6
|
|
|
$
|
669.4
|
|
Receivables, net
|
|
172.5
|
|
|
139.0
|
|
|
220.9
|
|
|||
Merchandise inventories, net
|
|
1,216.9
|
|
|
1,264.1
|
|
|
1,121.5
|
|
|||
Prepaid expenses and other current assets
|
|
145.7
|
|
|
160.4
|
|
|
128.9
|
|
|||
Total current assets
|
|
1,847.0
|
|
|
2,037.1
|
|
|
2,140.7
|
|
|||
Property and equipment:
|
|
|
|
|
|
|
||||||
Land
|
|
18.6
|
|
|
18.2
|
|
|
18.6
|
|
|||
Buildings and leasehold improvements
|
|
727.4
|
|
|
692.2
|
|
|
724.5
|
|
|||
Fixtures and equipment
|
|
938.4
|
|
|
892.1
|
|
|
931.4
|
|
|||
Total property and equipment
|
|
1,684.4
|
|
|
1,602.5
|
|
|
1,674.5
|
|
|||
Less accumulated depreciation
|
|
1,230.8
|
|
|
1,119.2
|
|
|
1,203.5
|
|
|||
Net property and equipment
|
|
453.6
|
|
|
483.3
|
|
|
471.0
|
|
|||
Deferred income taxes
|
|
73.2
|
|
|
38.8
|
|
|
59.0
|
|
|||
Goodwill
|
|
1,724.9
|
|
|
1,493.0
|
|
|
1,725.2
|
|
|||
Other intangible assets, net
|
|
512.7
|
|
|
332.4
|
|
|
507.2
|
|
|||
Other noncurrent assets
|
|
72.0
|
|
|
61.4
|
|
|
72.8
|
|
|||
Total noncurrent assets
|
|
2,836.4
|
|
|
2,408.9
|
|
|
2,835.2
|
|
|||
Total assets
|
|
$
|
4,683.4
|
|
|
$
|
4,446.0
|
|
|
$
|
4,975.9
|
|
|
|
|
|
|
|
|
||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||||||
Current liabilities:
|
|
|
|
|
|
|
||||||
Accounts payable
|
|
$
|
526.1
|
|
|
$
|
608.5
|
|
|
$
|
616.6
|
|
Accrued liabilities
|
|
845.4
|
|
|
707.4
|
|
|
1,090.9
|
|
|||
Income taxes payable
|
|
94.1
|
|
|
50.1
|
|
|
54.0
|
|
|||
Total current liabilities
|
|
1,465.6
|
|
|
1,366.0
|
|
|
1,761.5
|
|
|||
Deferred income taxes
|
|
23.0
|
|
|
30.1
|
|
|
23.0
|
|
|||
Long-term debt, net
|
|
815.7
|
|
|
812.4
|
|
|
815.0
|
|
|||
Other long-term liabilities
|
|
110.2
|
|
|
81.4
|
|
|
122.3
|
|
|||
Total long-term liabilities
|
|
948.9
|
|
|
923.9
|
|
|
960.3
|
|
|||
Total liabilities
|
|
2,414.5
|
|
|
2,289.9
|
|
|
2,721.8
|
|
|||
Commitments and Contingencies (Note 4)
|
|
|
|
|
|
|
||||||
Stockholders’ equity:
|
|
|
|
|
|
|
||||||
Class A common stock — $.001 par value; 300.0 shares authorized; 101.3, 104.0 and 101.0 shares issued and outstanding
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|||
Additional paid-in capital
|
|
2.6
|
|
|
—
|
|
|
—
|
|
|||
Accumulated other comprehensive loss
|
|
(55.5
|
)
|
|
(39.6
|
)
|
|
(47.3
|
)
|
|||
Retained earnings
|
|
2,321.7
|
|
|
2,195.6
|
|
|
2,301.3
|
|
|||
Total stockholders’ equity
|
|
2,268.9
|
|
|
2,156.1
|
|
|
2,254.1
|
|
|||
Total liabilities and stockholders’ equity
|
|
$
|
4,683.4
|
|
|
$
|
4,446.0
|
|
|
$
|
4,975.9
|
|
|
|
13 Weeks Ended
|
||||||
|
|
April 29,
2017 |
|
April 30,
2016 |
||||
Net sales
|
|
$
|
2,045.9
|
|
|
$
|
1,971.5
|
|
Cost of sales
|
|
1,343.4
|
|
|
1,296.0
|
|
||
Gross profit
|
|
702.5
|
|
|
675.5
|
|
||
Selling, general and administrative expenses
|
|
563.5
|
|
|
520.8
|
|
||
Depreciation and amortization
|
|
37.9
|
|
|
40.7
|
|
||
Operating earnings
|
|
101.1
|
|
|
114.0
|
|
||
Interest income
|
|
(0.2
|
)
|
|
(0.2
|
)
|
||
Interest expense
|
|
14.1
|
|
|
11.0
|
|
||
Earnings before income tax expense
|
|
87.2
|
|
|
103.2
|
|
||
Income tax expense
|
|
28.2
|
|
|
37.4
|
|
||
Net income
|
|
$
|
59.0
|
|
|
$
|
65.8
|
|
|
|
|
|
|
||||
Dividends per common share
|
|
$
|
0.38
|
|
|
$
|
0.37
|
|
|
|
|
|
|
||||
Earnings per share:
|
|
|
|
|
||||
Basic
|
|
$
|
0.58
|
|
|
$
|
0.63
|
|
Diluted
|
|
$
|
0.58
|
|
|
$
|
0.63
|
|
Weighted-average shares outstanding:
|
|
|
|
|
||||
Basic
|
|
101.3
|
|
|
103.8
|
|
||
Diluted
|
|
101.4
|
|
|
104.2
|
|
|
|
13 Weeks Ended
|
||||||
|
|
April 29,
2017 |
|
April 30,
2016 |
||||
Net income
|
|
$
|
59.0
|
|
|
$
|
65.8
|
|
Other comprehensive income (loss):
|
|
|
|
|
||||
Foreign currency translation adjustment
|
|
(8.2
|
)
|
|
49.2
|
|
||
Total comprehensive income
|
|
$
|
50.8
|
|
|
$
|
115.0
|
|
|
Class A
Common Stock
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Shares
|
|
Amount
|
|
Additional
Paid-in
Capital
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Retained
Earnings
|
|
Total
Stockholders'
Equity
|
|||||||||||
Balance at January 29, 2017
|
101.0
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
(47.3
|
)
|
|
$
|
2,301.3
|
|
|
$
|
2,254.1
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
59.0
|
|
|
59.0
|
|
|||||
Foreign currency translation
|
—
|
|
|
—
|
|
|
—
|
|
|
(8.2
|
)
|
|
—
|
|
|
(8.2
|
)
|
|||||
Dividends declared, $0.38 per common share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(38.6
|
)
|
|
(38.6
|
)
|
|||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
5.9
|
|
|
—
|
|
|
—
|
|
|
5.9
|
|
|||||
Settlement of stock-based awards
|
0.3
|
|
|
—
|
|
|
(3.3
|
)
|
|
—
|
|
|
—
|
|
|
(3.3
|
)
|
|||||
Balance at April 29, 2017
|
101.3
|
|
|
$
|
0.1
|
|
|
$
|
2.6
|
|
|
$
|
(55.5
|
)
|
|
$
|
2,321.7
|
|
|
$
|
2,268.9
|
|
|
Class A
Common Stock
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Shares
|
|
Amount
|
|
Additional
Paid-in
Capital
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Retained
Earnings
|
|
Total
Stockholders' Equity |
|||||||||||
Balance at January 31, 2016
|
103.3
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
(88.8
|
)
|
|
$
|
2,169.7
|
|
|
$
|
2,081.0
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
65.8
|
|
|
65.8
|
|
|||||
Foreign currency translation
|
—
|
|
|
—
|
|
|
—
|
|
|
49.2
|
|
|
—
|
|
|
49.2
|
|
|||||
Dividends declared, $0.37 per common share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(39.0
|
)
|
|
(39.0
|
)
|
|||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
6.7
|
|
|
—
|
|
|
—
|
|
|
6.7
|
|
|||||
Settlement of stock-based awards (including tax benefit of $0.0)
|
0.7
|
|
|
—
|
|
|
(6.7
|
)
|
|
—
|
|
|
(0.9
|
)
|
|
(7.6
|
)
|
|||||
Balance at April 30, 2016
|
104.0
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
(39.6
|
)
|
|
$
|
2,195.6
|
|
|
$
|
2,156.1
|
|
|
|
13 Weeks Ended
|
||||||
|
|
April 29,
2017 |
|
April 30,
2016 |
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net income
|
|
$
|
59.0
|
|
|
$
|
65.8
|
|
Adjustments to reconcile net income to net cash flows used in operating activities:
|
|
|
|
|
||||
Depreciation and amortization (including amounts in cost of sales)
|
|
38.3
|
|
|
41.0
|
|
||
Stock-based compensation expense
|
|
5.9
|
|
|
6.7
|
|
||
Deferred income taxes
|
|
(14.2
|
)
|
|
—
|
|
||
Loss on disposal of property and equipment
|
|
2.3
|
|
|
1.9
|
|
||
Other
|
|
16.4
|
|
|
6.9
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||||
Receivables, net
|
|
48.7
|
|
|
39.4
|
|
||
Merchandise inventories
|
|
(114.9
|
)
|
|
(87.6
|
)
|
||
Prepaid expenses and other current assets
|
|
(10.1
|
)
|
|
(9.3
|
)
|
||
Prepaid income taxes and income taxes payable
|
|
28.9
|
|
|
(88.9
|
)
|
||
Accounts payable and accrued liabilities
|
|
(324.3
|
)
|
|
(351.0
|
)
|
||
Changes in other long-term liabilities
|
|
7.2
|
|
|
(1.0
|
)
|
||
Net cash flows used in operating activities
|
|
(256.8
|
)
|
|
(376.1
|
)
|
||
Cash flows from investing activities:
|
|
|
|
|
||||
Purchase of property and equipment
|
|
(20.0
|
)
|
|
(29.4
|
)
|
||
Acquisitions, net of cash acquired
|
|
(8.5
|
)
|
|
(0.9
|
)
|
||
Other
|
|
1.3
|
|
|
2.4
|
|
||
Net cash flows used in investing activities
|
|
(27.2
|
)
|
|
(27.9
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
||||
Repayments of acquisition-related debt
|
|
—
|
|
|
(0.2
|
)
|
||
Repurchase of common shares
|
|
(22.0
|
)
|
|
(10.0
|
)
|
||
Dividends paid
|
|
(39.7
|
)
|
|
(40.9
|
)
|
||
Proceeds from senior notes
|
|
—
|
|
|
475.0
|
|
||
Borrowings from the revolver
|
|
—
|
|
|
100.0
|
|
||
Repayments of revolver borrowings
|
|
—
|
|
|
(100.0
|
)
|
||
Payments of financing costs
|
|
—
|
|
|
(8.1
|
)
|
||
Issuance of common stock, net of share repurchases for withholdings taxes
|
|
(3.3
|
)
|
|
(7.6
|
)
|
||
Net cash flows (used in) provided by financing activities
|
|
(65.0
|
)
|
|
408.2
|
|
||
Exchange rate effect on cash and cash equivalents
|
|
(8.5
|
)
|
|
19.0
|
|
||
(Decrease) increase in cash and cash equivalents
|
|
(357.5
|
)
|
|
23.2
|
|
||
Cash and cash equivalents at beginning of period
|
|
669.4
|
|
|
450.4
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
311.9
|
|
|
$
|
473.6
|
|
1.
|
General Information
|
•
|
In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date, which delays the effective date of ASU 2014-09 by one year, with the option to adopt the standard as of the original effective date.
|
•
|
In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers, which clarifies how an entity should identify the unit of accounting (i.e. the specified good or service) for the principal versus agent evaluation and how it should apply the control principle to certain types of arrangements.
|
2.
|
Fair Value Measurements and Financial Instruments
|
|
|
April 29, 2017
|
|
April 30, 2016
|
|
January 28, 2017
|
||||||||||||||||||
|
|
Level 2
|
|
Level 3
|
|
Level 2
|
|
Level 3
|
|
Level 2
|
|
Level 3
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other current assets
|
|
$
|
2.5
|
|
|
$
|
—
|
|
|
$
|
21.4
|
|
|
$
|
—
|
|
|
$
|
13.3
|
|
|
$
|
—
|
|
Other noncurrent assets
|
|
0.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
||||||
Company-owned life insurance
(1)
|
|
12.6
|
|
|
—
|
|
|
10.3
|
|
|
—
|
|
|
12.4
|
|
|
—
|
|
||||||
Total assets
|
|
$
|
15.4
|
|
|
$
|
—
|
|
|
$
|
31.7
|
|
|
$
|
—
|
|
|
$
|
25.8
|
|
|
$
|
—
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accrued liabilities
|
|
$
|
6.5
|
|
|
$
|
—
|
|
|
$
|
10.9
|
|
|
$
|
—
|
|
|
$
|
4.3
|
|
|
$
|
—
|
|
Other long-term liabilities
|
|
0.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
||||||
Nonqualified deferred compensation
(2)
|
|
1.1
|
|
|
—
|
|
|
1.2
|
|
|
—
|
|
|
1.0
|
|
|
—
|
|
||||||
Contingent consideration
(3)
|
|
—
|
|
|
43.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
43.2
|
|
||||||
Total liabilities
|
|
$
|
8.2
|
|
|
$
|
43.2
|
|
|
$
|
12.1
|
|
|
$
|
—
|
|
|
$
|
5.4
|
|
|
$
|
43.2
|
|
(1)
|
Recognized in other non-current assets in our unaudited condensed consolidated balance sheets.
|
(2)
|
Recognized in accrued liabilities in our unaudited condensed consolidated balance sheets.
|
(3)
|
As of April 29, 2017,
$43.2 million
was included in accrued liabilities in our unaudited condensed consolidated balance sheets. As of January 28, 2017, the current portion of
$20.0 million
was included in accrued liabilities and the noncurrent portion of
$23.2 million
was included in other long-term liabilities in our unaudited condensed consolidated balance sheets.
|
|
|
13 Weeks Ended
|
||||||
|
|
April 29,
2017 |
|
April 30,
2016 |
||||
(Losses) gains on the change in fair value of derivative instruments
|
|
$
|
(8.0
|
)
|
|
$
|
2.1
|
|
Gains (losses) on the re-measurement of related intercompany loans and foreign currency assets and liabilities
|
|
8.3
|
|
|
(0.5
|
)
|
||
Total
|
|
$
|
0.3
|
|
|
$
|
1.6
|
|
3.
|
Debt
|
|
April 29, 2017
|
|
April 30, 2016
|
|
January 28, 2017
|
||||||
2019 Senior Notes principal amount
|
$
|
350.0
|
|
|
$
|
350.0
|
|
|
$
|
350.0
|
|
2021 Senior Notes principal amount
|
475.0
|
|
|
475.0
|
|
|
475.0
|
|
|||
Less: Unamortized debt financing costs
|
(9.3
|
)
|
|
(12.6
|
)
|
|
(10.0
|
)
|
|||
Long-term debt, net
|
$
|
815.7
|
|
|
$
|
812.4
|
|
|
$
|
815.0
|
|
4.
|
Commitments and Contingencies
|
5.
|
Earnings per Share
|
|
13 Weeks Ended
|
||||||
|
April 29,
2017 |
|
April 30,
2016 |
||||
Net income
|
$
|
59.0
|
|
|
$
|
65.8
|
|
|
|
|
|
||||
Basic weighted average common shares outstanding
|
101.3
|
|
|
103.8
|
|
||
Dilutive effect of stock options and restricted stock awards
|
0.1
|
|
|
0.4
|
|
||
Diluted weighted average common shares outstanding
|
101.4
|
|
|
104.2
|
|
||
|
|
|
|
||||
Basic earnings per share
|
$
|
0.58
|
|
|
$
|
0.63
|
|
Diluted earnings per share
|
$
|
0.58
|
|
|
$
|
0.63
|
|
|
|
|
|
||||
Anti-dilutive stock options and restricted stock awards
|
2.2
|
|
|
1.2
|
|
6.
|
Significant Products
|
|
|
13 Weeks Ended
|
||||||||||||
|
|
April 29, 2017
|
|
April 30, 2016
|
||||||||||
|
|
Net
Sales
|
|
Percent
of Total
|
|
Net
Sales
|
|
Percent
of Total
|
||||||
New video game hardware
(1)
|
|
$
|
389.9
|
|
|
19.1
|
%
|
|
$
|
312.9
|
|
|
15.9
|
%
|
New video game software
|
|
520.5
|
|
|
25.4
|
|
|
567.2
|
|
|
28.8
|
|
||
Pre-owned and value video game products
|
|
526.2
|
|
|
25.7
|
|
|
560.9
|
|
|
28.5
|
|
||
Video game accessories
|
|
176.1
|
|
|
8.6
|
|
|
162.7
|
|
|
8.2
|
|
||
Digital
|
|
44.1
|
|
|
2.2
|
|
|
42.8
|
|
|
2.2
|
|
||
Technology Brands
(2)
|
|
201.4
|
|
|
9.8
|
|
|
165.8
|
|
|
8.4
|
|
||
Collectibles
|
|
114.5
|
|
|
5.6
|
|
|
82.3
|
|
|
4.2
|
|
||
Other
(3)
|
|
73.2
|
|
|
3.6
|
|
|
76.9
|
|
|
3.8
|
|
||
Total
|
|
$
|
2,045.9
|
|
|
100.0
|
%
|
|
$
|
1,971.5
|
|
|
100.0
|
%
|
|
|
13 Weeks Ended
|
||||||||||||
|
|
April 29, 2017
|
|
April 30, 2016
|
||||||||||
|
|
Gross
Profit
|
|
Gross
Profit
Percent
|
|
Gross
Profit
|
|
Gross
Profit
Percent
|
||||||
New video game hardware
(1)
|
|
$
|
38.1
|
|
|
9.8
|
%
|
|
$
|
28.3
|
|
|
9.0
|
%
|
New video game software
|
|
113.7
|
|
|
21.8
|
|
|
127.9
|
|
|
22.5
|
|
||
Pre-owned and value video game products
|
|
253.7
|
|
|
48.2
|
|
|
263.2
|
|
|
46.9
|
|
||
Video game accessories
|
|
55.9
|
|
|
31.7
|
|
|
57.1
|
|
|
35.1
|
|
||
Digital
|
|
36.1
|
|
|
81.9
|
|
|
37.0
|
|
|
86.4
|
|
||
Technology Brands
(2)
|
|
144.6
|
|
|
71.8
|
|
|
109.7
|
|
|
66.2
|
|
||
Collectibles
|
|
35.2
|
|
|
30.7
|
|
|
28.6
|
|
|
34.8
|
|
||
Other
(3)
|
|
25.2
|
|
|
34.4
|
|
|
23.7
|
|
|
30.8
|
|
||
Total
|
|
$
|
702.5
|
|
|
34.3
|
%
|
|
$
|
675.5
|
|
|
34.3
|
%
|
(1)
|
Includes sales of hardware bundles, in which physical hardware and digital or physical software are sold together as a single SKU.
|
(2)
|
Includes mobile and consumer electronics sold through our Technology Brands segment, which includes the operations of our Spring Mobile managed AT&T and Cricket Wireless branded stores and our Simply Mac business.
|
(3)
|
Includes sales of PC entertainment software, interactive game figures, strategy guides, mobile and consumer electronics sold through our Video Game Brands segments, and revenues from PowerUp Pro loyalty members receiving
Game Informer
magazine in print form.
|
7.
|
Segment Information
|
13 weeks ended April 29, 2017
|
|
United
States
|
|
Canada
|
|
Australia
|
|
Europe
|
|
Technology Brands
|
|
Consolidated
|
||||||||||||
Net sales
|
|
$
|
1,339.5
|
|
|
$
|
89.9
|
|
|
$
|
136.7
|
|
|
$
|
278.4
|
|
|
$
|
201.4
|
|
|
$
|
2,045.9
|
|
Segment operating earnings
|
|
85.9
|
|
|
2.2
|
|
|
1.8
|
|
|
0.1
|
|
|
11.1
|
|
|
101.1
|
|
||||||
Interest income
|
|
|
|
|
|
|
|
|
|
|
|
0.2
|
|
|||||||||||
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
(14.1
|
)
|
|||||||||||
Earnings before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
$
|
87.2
|
|
13 weeks ended April 30, 2016
|
|
United
States
|
|
Canada
|
|
Australia
|
|
Europe
|
|
Technology Brands
|
|
Consolidated
|
||||||||||||
Net sales
|
|
$
|
1,368.6
|
|
|
$
|
77.7
|
|
|
$
|
109.9
|
|
|
$
|
249.5
|
|
|
$
|
165.8
|
|
|
$
|
1,971.5
|
|
Segment operating earnings (loss)
|
|
94.4
|
|
|
3.8
|
|
|
0.5
|
|
|
(3.5
|
)
|
|
18.8
|
|
|
114.0
|
|
||||||
Interest income
|
|
|
|
|
|
|
|
|
|
|
|
0.2
|
|
|||||||||||
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
(11.0
|
)
|
|||||||||||
Earnings before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
$
|
103.2
|
|
ITEM 2.
|
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
|
13 Weeks Ended
|
||||||||||||
|
|
April 29, 2017
|
|
April 30, 2016
|
||||||||||
|
|
Amount
|
|
Percent of
Net Sales
|
|
Amount
|
|
Percent of
Net Sales
|
||||||
Net sales
|
|
$
|
2,045.9
|
|
|
100.0
|
%
|
|
$
|
1,971.5
|
|
|
100.0
|
%
|
Cost of sales
|
|
1,343.4
|
|
|
65.7
|
|
|
1,296.0
|
|
|
65.7
|
|
||
Gross profit
|
|
702.5
|
|
|
34.3
|
|
|
675.5
|
|
|
34.3
|
|
||
Selling, general and administrative expenses
|
|
563.5
|
|
|
27.5
|
|
|
520.8
|
|
|
26.4
|
|
||
Depreciation and amortization
|
|
37.9
|
|
|
1.9
|
|
|
40.7
|
|
|
2.1
|
|
||
Operating earnings
|
|
101.1
|
|
|
4.9
|
|
|
114.0
|
|
|
5.8
|
|
||
Interest expense, net
|
|
13.9
|
|
|
0.6
|
|
|
10.8
|
|
|
0.6
|
|
||
Earnings before income tax expense
|
|
87.2
|
|
|
4.3
|
|
|
103.2
|
|
|
5.2
|
|
||
Income tax expense
|
|
28.2
|
|
|
1.4
|
|
|
37.4
|
|
|
1.9
|
|
||
Net income
|
|
$
|
59.0
|
|
|
2.9
|
%
|
|
$
|
65.8
|
|
|
3.3
|
%
|
|
|
13 Weeks Ended
|
||||||||||||
|
|
April 29, 2017
|
|
April 30, 2016
|
||||||||||
|
|
Net
Sales
|
|
Percent
of Total
|
|
Net
Sales
|
|
Percent
of Total
|
||||||
New video game hardware
(1)
|
|
$
|
389.9
|
|
|
19.1
|
%
|
|
$
|
312.9
|
|
|
15.9
|
%
|
New video game software
|
|
520.5
|
|
|
25.4
|
|
|
567.2
|
|
|
28.8
|
|
||
Pre-owned and value video game products
|
|
526.2
|
|
|
25.7
|
|
|
560.9
|
|
|
28.5
|
|
||
Video game accessories
|
|
176.1
|
|
|
8.6
|
|
|
162.7
|
|
|
8.2
|
|
||
Digital
|
|
44.1
|
|
|
2.2
|
|
|
42.8
|
|
|
2.2
|
|
||
Technology Brands
(2)
|
|
201.4
|
|
|
9.8
|
|
|
165.8
|
|
|
8.4
|
|
||
Collectibles
|
|
114.5
|
|
|
5.6
|
|
|
82.3
|
|
|
4.2
|
|
||
Other
(3)
|
|
73.2
|
|
|
3.6
|
|
|
76.9
|
|
|
3.8
|
|
||
Total
|
|
$
|
2,045.9
|
|
|
100.0
|
%
|
|
$
|
1,971.5
|
|
|
100.0
|
%
|
|
|
13 Weeks Ended
|
||||||||||||
|
|
April 29, 2017
|
|
April 30, 2016
|
||||||||||
|
|
Gross
Profit
|
|
Gross
Profit
Percent
|
|
Gross
Profit
|
|
Gross
Profit
Percent
|
||||||
New video game hardware
(1)
|
|
$
|
38.1
|
|
|
9.8
|
%
|
|
$
|
28.3
|
|
|
9.0
|
%
|
New video game software
|
|
113.7
|
|
|
21.8
|
|
|
127.9
|
|
|
22.5
|
|
||
Pre-owned and value video game products
|
|
253.7
|
|
|
48.2
|
|
|
263.2
|
|
|
46.9
|
|
||
Video game accessories
|
|
55.9
|
|
|
31.7
|
|
|
57.1
|
|
|
35.1
|
|
||
Digital
|
|
36.1
|
|
|
81.9
|
|
|
37.0
|
|
|
86.4
|
|
||
Technology Brands
(2)
|
|
144.6
|
|
|
71.8
|
|
|
109.7
|
|
|
66.2
|
|
||
Collectibles
|
|
35.2
|
|
|
30.7
|
|
|
28.6
|
|
|
34.8
|
|
||
Other
(3)
|
|
25.2
|
|
|
34.4
|
|
|
23.7
|
|
|
30.8
|
|
||
Total
|
|
$
|
702.5
|
|
|
34.3
|
%
|
|
$
|
675.5
|
|
|
34.3
|
%
|
(1)
|
Includes sales of hardware bundles, in which physical hardware and digital or physical software are sold together as a single SKU.
|
(2)
|
Includes mobile and consumer electronics sold through our Technology Brands segment, which includes the operations of our Spring Mobile managed AT&T and Cricket Wireless branded stores and our Simply Mac business.
|
(3)
|
Includes sales of PC entertainment software, interactive game figures, strategy guides, mobile and consumer electronics sold through our Video Game Brands segments, and revenues from PowerUp Pro loyalty members receiving
Game Informer
magazine in print form.
|
|
|
13 Weeks Ended
|
|
Change
|
|||||||||||
|
|
April 29, 2017
|
|
April 30, 2016
|
|
$
|
|
%
|
|||||||
Net Sales:
|
|
($ in millions)
|
|
|
|
|
|||||||||
New video game hardware
(1)
|
|
$
|
389.9
|
|
|
$
|
312.9
|
|
|
$
|
77.0
|
|
|
24.6
|
%
|
New video game software
|
|
520.5
|
|
|
567.2
|
|
|
(46.7
|
)
|
|
(8.2
|
)
|
|||
Pre-owned and value video game products
|
|
526.2
|
|
|
560.9
|
|
|
(34.7
|
)
|
|
(6.2
|
)
|
|||
Video game accessories
|
|
176.1
|
|
|
162.7
|
|
|
13.4
|
|
|
8.2
|
|
|||
Digital
|
|
44.1
|
|
|
42.8
|
|
|
1.3
|
|
|
3.0
|
|
|||
Technology Brands
(2)
|
|
201.4
|
|
|
165.8
|
|
|
35.6
|
|
|
21.5
|
|
|||
Collectibles
|
|
114.5
|
|
|
82.3
|
|
|
32.2
|
|
|
39.1
|
|
|||
Other
(3)
|
|
73.2
|
|
|
76.9
|
|
|
(3.7
|
)
|
|
(4.8
|
)
|
|||
Total
|
|
$
|
2,045.9
|
|
|
$
|
1,971.5
|
|
|
$
|
74.4
|
|
|
3.8
|
%
|
|
|
13 Weeks Ended
|
|
Change
|
|||||||||||
|
|
April 29, 2017
|
|
April 30, 2016
|
|
$
|
|
%
|
|||||||
Gross Profit:
|
|
($ in millions)
|
|
|
|
|
|||||||||
New video game hardware
(1)
|
|
$
|
38.1
|
|
|
$
|
28.3
|
|
|
$
|
9.8
|
|
|
34.6
|
%
|
New video game software
|
|
113.7
|
|
|
127.9
|
|
|
(14.2
|
)
|
|
(11.1
|
)
|
|||
Pre-owned and value video game products
|
|
253.7
|
|
|
263.2
|
|
|
(9.5
|
)
|
|
(3.6
|
)
|
|||
Video game accessories
|
|
55.9
|
|
|
57.1
|
|
|
(1.2
|
)
|
|
(2.1
|
)
|
|||
Digital
|
|
36.1
|
|
|
37.0
|
|
|
(0.9
|
)
|
|
(2.4
|
)
|
|||
Technology Brands
(2)
|
|
144.6
|
|
|
109.7
|
|
|
34.9
|
|
|
31.8
|
|
|||
Collectibles
|
|
35.2
|
|
|
28.6
|
|
|
6.6
|
|
|
23.1
|
|
|||
Other
(3)
|
|
25.2
|
|
|
23.7
|
|
|
1.5
|
|
|
6.3
|
|
|||
Total
|
|
$
|
702.5
|
|
|
$
|
675.5
|
|
|
$
|
27.0
|
|
|
4.0
|
%
|
(1)
|
Includes sales of hardware bundles, in which physical hardware and digital or physical software are sold together as a single SKU.
|
(2)
|
Includes mobile and consumer electronics sold through our Technology Brands segment, which includes the operations of our Spring Mobile managed AT&T and Cricket Wireless branded stores and our Simply Mac business.
|
(3)
|
Includes sales of PC entertainment software, interactive game figures, strategy guides, mobile and consumer electronics sold through our Video Game Brands segments, and revenues from PowerUp Pro loyalty members receiving
Game Informer
magazine in print form.
|
•
|
New video game hardware sales increased
$77.0 million
, or
24.6%
, for the
13 weeks ended April 29, 2017
compared to the
13 weeks ended April 30, 2016
, primarily due to the launch of the Nintendo Switch in March 2017 which was partially offset by decreases in sales of other consoles.
|
•
|
Technology Brands sales increased
$35.6 million
, or
21.5%
, for the
13 weeks ended April 29, 2017
compared to the
13 weeks ended April 30, 2016
, primarily due to the acquisition and opening of stores within the Technology Brands segment.
|
•
|
Collectibles sales increased
$32.2 million
, or
39.1%
, for the
13 weeks ended April 29, 2017
compared to the
13 weeks ended April 30, 2016
, due to the growth of collectibles sales in our Video Game Brands stores and the growth in the number of stand-alone collectibles stores.
|
•
|
Video game accessories increased
$13.4 million
, or
8.2%
, for the
13 weeks ended April 29, 2017
compared to the
13 weeks ended April 30, 2016
, primarily due to the release of the PlayStation VR in October 2016 and the recent release of the Nintendo Switch.
|
•
|
New video game software sales decreased
$46.7 million
, or
8.2%
, for the
13 weeks ended April 29, 2017
compared to the
13 weeks ended April 30, 2016
, primarily due to weaker new title releases in the current year quarter, partially offset by sales of new video game software associated with the Nintendo Switch.
|
•
|
Pre-owned and value video game product sales decreased
$34.7 million
, or
6.2%
, for the
13 weeks ended April 29, 2017
compared to the
13 weeks ended April 30, 2016
, primarily due to the decrease in store traffic as a result of weaker new release titles in the current year quarter.
|
•
|
Technology Brands increased to
71.8%
in the
13 weeks ended April 29, 2017
from
66.2%
in the
13 weeks ended April 30, 2016
, due to the growth in the number of Spring Mobile stores which carry higher margins than the other businesses inside Technology Brands.
|
•
|
Pre-owned and value video game products increased to
48.2%
in the
13 weeks ended April 29, 2017
from
46.9%
in the
13 weeks ended April 30, 2016
, due to lower promotional activities and an increase in gross margin in current generation video game products as the console cycle matures.
|
•
|
New video game hardware increased to
9.8%
in the
13 weeks ended April 29, 2017
from
9.0%
in the
13 weeks ended April 30, 2016
.
|
•
|
New video game software decreased to
21.8%
in the
13 weeks ended April 29, 2017
from
22.5%
in the
13 weeks ended April 30, 2016
.
|
•
|
Collectibles decreased to
30.7%
in the
13 weeks ended April 29, 2017
from
34.8%
in the
13 weeks ended April 30, 2016
, due primarily to post-holiday promotions as well as mark downs associated with winding down our utilization of a third-party service provider for fulfillment of ThinkGeek sales.
|
As of and for the 13 weeks ended April 29, 2017
|
|
United
States
|
|
Canada
|
|
Australia
|
|
Europe
|
|
Technology Brands
|
|
Consolidated
|
||||||||||||
Net sales
|
|
$
|
1,339.5
|
|
|
$
|
89.9
|
|
|
$
|
136.7
|
|
|
$
|
278.4
|
|
|
$
|
201.4
|
|
|
$
|
2,045.9
|
|
Operating earnings
|
|
$
|
85.9
|
|
|
$
|
2.2
|
|
|
$
|
1.8
|
|
|
$
|
0.1
|
|
|
$
|
11.1
|
|
|
$
|
101.1
|
|
Segment operating data:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Store count
|
|
3,931
|
|
|
322
|
|
|
465
|
|
|
1,277
|
|
|
1,508
|
|
|
7,503
|
|
||||||
Comparable store sales
(1)
|
|
(2.4
|
)%
|
|
17.6
|
%
|
|
18.2
|
%
|
|
16.5
|
%
|
|
n/a
|
|
|
2.3
|
%
|
As of and for the 13 weeks ended April 30, 2016
|
|
United
States
|
|
Canada
|
|
Australia
|
|
Europe
|
|
Technology Brands
|
|
Consolidated
|
||||||||||||
Net sales
|
|
$
|
1,368.6
|
|
|
$
|
77.7
|
|
|
$
|
109.9
|
|
|
$
|
249.5
|
|
|
$
|
165.8
|
|
|
$
|
1,971.5
|
|
Operating earnings (loss)
|
|
$
|
94.4
|
|
|
$
|
3.8
|
|
|
$
|
0.5
|
|
|
$
|
(3.5
|
)
|
|
$
|
18.8
|
|
|
$
|
114.0
|
|
Segment operating data:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Store count
|
|
3,962
|
|
|
325
|
|
|
446
|
|
|
1,287
|
|
|
1,054
|
|
|
7,074
|
|
||||||
Comparable store sales
(1)
|
|
(6.6
|
)%
|
|
(4.5
|
)%
|
|
(1.4
|
)%
|
|
(6.5
|
)%
|
|
n/a
|
|
|
(6.2
|
)%
|
(1)
|
Our Technology Brands stores are excluded from the calculation of comparable store sales as we do not consider it to be a meaningful metric in evaluating the performance of our Technology Brands stores due to the frequently changing nature of revenue streams and commission structures associated with this segment of our business. Instead, we measure the performance of our Technology Brands stores by using comparable store gross profit, which is calculated using a similar methodology as comparable store sales, but replacing sales with gross profit in the calculation. During the
13 weeks ended April 29, 2017
, comparable store gross profit for our Technology Brands stores declined 18.7%.
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 1A.
|
RISK FACTORS
|
ITEM 6.
|
EXHIBITS
|
|
GAMESTOP CORP.
|
||
|
|
|
|
|
By:
|
|
/s/ ROBERT A. LLOYD
|
|
|
|
Robert A. Lloyd
|
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
|
(Principal Financial Officer)
|
|
|
|
|
Date: June 6, 2017
|
|
|
|
|
|
||
|
GAMESTOP CORP.
|
||
|
|
|
|
|
By:
|
|
/s/ TROY W. CRAWFORD
|
|
|
|
Troy W. Crawford
|
|
|
|
Senior Vice President and Chief Accounting Officer
|
|
|
|
(Principal Accounting Officer)
|
|
|
|
|
Date: June 6, 2017
|
|
|
|
Exhibit
Number
|
|
Description
|
31.1
|
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(1)
|
31.2
|
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(1)
|
32.1
|
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(b) under the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
(2)
|
32.2
|
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(b) under the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
(2)
|
101.INS
|
|
XBRL Instance Document
(3)
|
101.SCH
|
|
XBRL Taxonomy Extension Schema
(3)
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase
(3)
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase
(3)
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase
(3)
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase
(3)
|
(1)
|
Filed herewith.
|
(2)
|
Furnished herewith.
|
(3)
|
Submitted electronically herewith.
|
1 Year GameStop Chart |
1 Month GameStop Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions