{"id":129225,"date":"2022-09-08T01:57:11","date_gmt":"2022-09-08T01:57:11","guid":{"rendered":"https:\/\/fin2me.com\/?p=129225"},"modified":"2022-09-08T01:57:11","modified_gmt":"2022-09-08T01:57:11","slug":"ryan-cohen-missing-from-gamestop-earnings-call-no-bed-bath-beyond-mention","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/ryan-cohen-missing-from-gamestop-earnings-call-no-bed-bath-beyond-mention\/","title":{"rendered":"Ryan Cohen missing from GameStop earnings call; no Bed Bath & Beyond mention"},"content":{"rendered":"

<\/picture> video<\/span> <\/p>\n

FOX Business Flash top headlines for September 7<\/h2>\n

Check out what’s clicking on FoxBusiness.com<\/p>\n

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.<\/p>\n\n\n\n\n\n\n
Ticker<\/th>\nSecurity<\/th>\nLast<\/th>\nChange<\/th>\nChange %<\/th>\n<\/tr>\n<\/thead>\n
GME<\/td>\nGAMESTOP CORP.<\/td>\n24.09<\/td>\n-1.04<\/td>\n-4.16%<\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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. <\/p>\n

Net losses widened about 76% to $108.7 million from $61.6 million in the prior year's second quarter.<\/p>\n

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.<\/p>\n

GAMESTOP FIRES CFO AMID STAFF SHAKEUP<\/strong><\/p>\n

<\/picture>\n

The GameStop location off Adams Road in Auburn Hills, Mich., Feb. 17, 2012.<\/span> (iStock \/ iStock)<\/span><\/p>\n

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.<\/p>\n

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.<\/p>\n

<\/picture>\n

Pedestrians pass a GameStop store on 14th Street at Union Square Jan. 28, 2021.<\/span> (AP Photo\/John Minchillo \/ AP Newsroom)<\/span><\/p>\n

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.<\/p>\n

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. <\/p>\n

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. <\/p>\n

CLICK HERE TO READ MORE ON FOX BUSINESS<\/strong><\/p>\n

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." <\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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