GameStop Corp.
Q1 2021 Earnings Call Transcript

Published: 9 Jun 2021

[Operator:]

Greetings and welcome to the GameStop First Quarter Fiscal 2021 Earnings Conference Call. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Eric Cerny, Investor Relations. Thank you, Mr. Cerny. You may begin.

[Eric Cerny:]

Thank you and welcome to GameStop’s first quarter fiscal 2021 earnings conference call. This call will include forward-looking statements, which are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Any such statements should be considered in conjunction with the cautionary statements and the Safe Harbor statement in the earnings release and risk factors discussed in reports filed with the SEC. GameStop assumes no obligation to update any of these forward-looking statements or information. A reconciliation and other information regarding non-GAAP financial measures discussed on the call can be found in the earnings release issued earlier today as well as the Investors section of our website.

[George Sherman:]

Good afternoon and thank you for joining our first quarter fiscal 2021 earnings call. GameStop is off to a strong start to the year from both a sales and operations perspective. First quarter sales grew 25% year-over-year and we ended the period with $771 million in total cash on the balance sheet, an increase of more than $185 million compared to last year. Throughout the first quarter, we also took a number of steps that align with our previously stated priorities. These steps include

[Operator:]

This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful evening.