Earnings Labs

GameStop Corp. (GME)

Q3 2021 Earnings Call· Wed, Dec 8, 2021

$25.16

-1.00%

Key Takeaways · AI generated
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Same-Day

-10.30%

1 Week

-14.43%

1 Month

-24.96%

vs S&P

-25.28%

Transcript

Operator

Operator

Greetings, and welcome to GameStop's Third Quarter Fiscal 2021 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded and will be archived for 2 months on GameStop's Investor Relations website. 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 statement should be considered in conjunction with the cautionary statements and the safe harbor statement in the earnings release and risk factors discussed in the 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 company's earnings release issued earlier today as well as the Investors section of the GameStop website. Please note that the company will not be hosting a question-and-answer session as part of today's call. Now I would like to turn the call over to the company's Chief Executive Officer, Matt Furlong.

Matthew Furlong

Analyst

Thank you. It's good to be with everyone. Before going over the quarter, I want to thank all our team members for continuing to bring tremendous focus and intensity to GameStop's mission. We continue to see a customer-first culture taking hold throughout our stores, fulfillment centers and corporate offices. Maintaining this emphasis on the customer will remain key as we work to grow across categories and new areas. During the quarter, we focused on expanding our selection, accelerating delivery speeds and improving the customer experience. We also made long-term investments in our infrastructure, talent and technology. We believe our emphasis on the long term is positioning us to build what will ultimately become a much larger business, relative to where we are in 2021. We've also been exploring emerging opportunities in blockchain, NFTs and Web 3.0 gaming. With this context in mind, here are a few recent initiatives of note. We continued growing our catalog by adding new products across consumer electronics, PC gaming and other categories with significant addressable markets. Some of the brands we've established new and expanded relationships with include Samsung, LG, Razer, Vizio, Logitech and ASUS, just to name a few. Sales attributable to these new and expanded brand relationships helped to drive growth in the quarter. We also began implementing new assortment strategies within our stores, including an expansion of PC gaming merchandise across approximately 60% of U.S. locations. With respect to hiring, we kept adding talent across the organization, including specialists with experience in e-commerce, UI, UX, blockchain, operations and supply chain. Over the course of 2021, we have made more than 200 senior hires from some of the top technology companies. We also recently added a new office in Seattle and have identified an office location in Boston, positioning us within 2 tech…

Operator

Operator

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.