GameStop Corp. Q3 FY2021 earnings call

• Expanded selection by adding new products across consumer electronics, PC gaming, etc., with new and expanded relationships with brands like Samsung, LG, etc., driving quarter growth. - Implemented new assortment strategies in stores, expanding PC gaming merchandise in ~60% of U.S. locations. - Hired over 200 senior tech hires from top companies, added new offices in Seattle and identified a location in Boston. - Strengthened fulfillment network by shipping from Reno, increasing shipments from York, and planning to hire 500 associates in South Florida customer care facility. - Secured a new $500 million ABL facility with improved liquidity and terms.

Net sales increased 29.1% to just under $1.3 billion compared to over $1 billion in the same period of 2020. SG&A was $421.5 million or 32.5% of sales compared to $360.4 million or 35.9% of sales in the prior year's third quarter. Net loss was $105.4 million or $1.39 per diluted share versus a net loss of $18.8 million or $0.29 per diluted share in the prior year's third quarter. Cash and cash equivalents ended the quarter at over $1.4 billion, nearly $1 billion higher than the end of the third quarter last year. Inventory grew to $1.14 billion as of the close of the quarter, up from $861 million in the prior year's third quarter.

We're not providing formal guidance at this time.

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