GameStop reported $131.3 million net income for fiscal 2024 as net sales fell 27.5% to $3.82 billion

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, a specialty retailer of games and entertainment products, reported net income of $131.3 million for fiscal 2024, the 52 weeks from Feb 4, 2024 to Feb 1, 2025, against $6.7 million a year earlier. The figures come from its 10-K, the annual report a listed company files with the SEC, filed on Mar 25, 2025, the day the company also released its earnings. Net sales were $3.82 billion, down 27.5% from $5.27 billion in fiscal 2023, a year that ran 53 weeks. The operating result, before interest and tax, was a loss of $26.2 million, against a loss of $34.5 million a year earlier.1^,2^,3^,4^,5^,6^,7^,8^,9^,10^,11

Interest income, net, was $163.4 million, up from $49.5 million, which the filing tied mainly to cash raised by selling Class A common shares in its at-the-market program and to higher interest rates. At Feb 1, 2025 the company held $4,756.9 million in unrestricted cash and cash equivalents and $18.0 million in marketable securities. On Mar 25, 2025 the company announced that its board had approved adding Bitcoin as a treasury reserve asset, so that a portion of its cash or future debt and equity issuances could be invested in it, and the filing said the company had not set a maximum amount it might accumulate. The board had delegated authority to manage the securities portfolio to an investment committee made up of chairman and chief executive Ryan Cohen and two independent board members.12^,13^,14^,15

By category, the filing reported a decline of $516.6 million, or 33.9%, in software sales, $897.1 million, or 29.9%, in hardware and accessories and $36.1 million, or 4.8%, in collectibles. Gross profit as a share of net sales rose to 29.1% from 24.5%, which the company tied to a shift to higher-margin categories, collectibles and pre-owned hardware and accessories, and to better inventory management. Collectibles were 18.8% of net sales, against 14.3% a year earlier.16^,17^,18

The store count fell to 3,203 on Feb 1, 2025 from 4,169 on Feb 3, 2024, with 970 store disposals, and the company said its store portfolio review resulted in the closure of 590 stores in the United States. In the fourth quarter of fiscal 2024 it closed its stores in Germany and sold its Italian subsidiary, and on Feb 18, 2025 it announced a plan to pursue a sale of its operations in France and Canada.19^,20^,21^,22^,23

GameStop's earnings release of the same day also stated adjusted EBITDA, its own non-GAAP measure, at $36.1 million for fiscal year 2024 against $64.7 million for fiscal year 2023, a measure that left out items such as certain transformation costs, asset impairments, severance and divestiture costs.24^,25

Our records hold revenue, operating income, net income and diluted earnings per share for this year, and keep one value for each period, so they cannot tell whether the year-earlier figures were restated. We hold the 10-K's management discussion and notes, not its other exhibits.26^,27^,28