Ryan Cohen missing from GameStop earnings call; no Bed Bath & Beyond mention
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Chairman Ryan Cohen did not speak during GameStop's earnings call Wednesday evening as the video game retailer announced its financial results for the second quarter of 2022.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GME | GAMESTOP CORP. | 24.09 | -1.04 | -4.16% |
During the earnings call, CEO Matt Furlong walked shareholders through the company's second-quarter results. GameStop reported about $1.14 billion in second-quarter sales, down roughly 4% from the $1.18 billion reported in the second quarter of 2021.
Net losses widened about 76% to $108.7 million from $61.6 million in the prior year's second quarter.
Furlong highlighted that sales attributable to collectibles, which he said GameStop "intend[s] to grow over the long term," grew in the second quarter, compared to $177.2 million the previous year. For the second quarter of 2022, those sales totaled $223.2 million.
GAMESTOP FIRES CFO AMID STAFF SHAKEUP
The GameStop location off Adams Road in Auburn Hills, Mich., Feb. 17, 2012. (iStock / iStock) Selling, general and administrative expenses were $387.5 million, a decline from the first quarter of 2022 but a slight increase from the $378.9 reported in the second quarter of 2021. GameStop reported $734.8 million in inventory, a 23% increase from the $596.4 million reported for the second quarter of 2021. That increase reflected the video game retailer's "focus on maintaining adequate in-stock levels to meet customer demand and offset lingering supply chain headwinds," the company said in a release. Pedestrians pass a GameStop store on 14th Street at Union Square Jan. 28, 2021. (AP Photo/John Minchillo / AP Newsroom) Furlong emphasized during the earnings call that GameStop is working to transform from a brick-and-mortar retailer to a "more diversified and tech-centric business." GameStop launched a non-fungible token marketplace in July. On Wednesday, it announced a partnership with the cryptocurrency exchange FTX. The recent fraud allegations against Cohen were not mentioned during the earnings call. Last month, the GameStop chairman and late Bed Bath & Beyond CFO Gustavo Arnal were both listed as defendants in a class-action lawsuit alleging they had artificially inflated Bed Bath & Beyond's share value in a "pump and dump" scheme. Arnal died Sept. 2 when he fell from the 18th floor of the Jenga Tower skyscraper in downtown Manhattan. The New York City Medical Examiner’s Office ruled Arnal's death a suicide. CLICK HERE TO READ MORE ON FOX BUSINESS FOX Business reached out to GameStop seeking Cohen's comment on the allegations. A Bed Bath & Beyond spokesperson previously told FOX Business that it is in the early stages of evaluating the complaint but believes the claims are "without merit." Source: Read Full Article
