GameStop net sales fell 16.9% to $732.4 million in the first quarter of fiscal 2025; net income was $44.8 million

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

GameStop's net sales were $732.4 million in the first quarter of its fiscal 2025, which ended May 3, 2025, down 16.9% from $881.8 million a year earlier. GameStop reported the figures in its quarterly report, a Form 10-Q, filed on Jun 10, 2025; its fiscal 2025 was due to end on Jan 31, 2026. The operating loss was $10.8 million against $50.6 million a year earlier, and it includes $35.5 million of impairment charges: $18.3 million on the Canadian operations and $17.2 million on the French ones, both of which the company decided to sell. Net income was $44.8 million, or $0.09 a share after dilution, against a net loss of $32.3 million, or $0.11 a share, a year earlier. Below the operating line, the company recorded net interest income of $56.9 million against $14.9 million, which it tied to higher cash balances from share sales and convertible notes.1^,2^,3^,4^,5^,6^,7^,8^,9^,10^,11^,12^,13^,14^,15^,16

By category, hardware and accessories sales were $345.3 million, down 31.7%, and software sales were $175.6 million, down 26.7%. Collectibles sales rose 54.6% to $211.5 million. By region, Europe fell 47.4% to $74.8 million and the United States fell 12.9% to $537.5 million. Gross profit as a share of net sales rose to 34.5% from 27.7%, which the company attributed to a shift to higher-margin collectibles and preowned hardware.17^,18^,19^,20^,21^,22^,23^,24^,25^,26^,27^,28

Cash and cash equivalents stood at $6.4 billion at the close of the quarter, against $1.0 billion a year earlier, when the company also held $83.0 million of marketable securities. On Apr 1, 2025 the company completed a $1,500 million offering of 0.00% convertible senior notes due 2030, and said it intended to use the net proceeds for general purposes, including buying Bitcoin in line with its investment policy. Its board approved the addition of Bitcoin as a treasury reserve asset, which the company announced on Mar 25, 2025. The notes to the 10-Q said it bought 4,710 Bitcoin for cash between May 3 and Jun 10, 2025, after the balance sheet date, and that the purchase did not affect its financial condition or results as of May 3.29^,30^,31^,32^,33

GameStop sold its Canadian subsidiary, Electronics Boutique Canada, on May 4, 2025. The 10-Q said the company's store review closed 590 US stores in fiscal 2024 and that it anticipated closing a significant number more in fiscal 2025. Its own non-GAAP measure, adjusted operating income, which leaves out the impairment charges and other items, was $27.5 million against an adjusted operating loss of $55.0 million a year earlier.34^,35^,36

Our records hold the text of this report's management discussion and notes, not its other exhibits. Our records also keep one value for each period, so they cannot tell whether the year-earlier figures were restated.37^,38