GameStop Corp. reported a net income of $17.4 million, or 4 cents per share, for its fiscal third quarter ended November 2, 2024. This marks a significant improvement from a net loss of $3.1 million in the prior-year period.
The company's adjusted earnings reached 6 cents per share, driven by aggressive cost-saving efforts and a strategic shift towards selling higher-margin goods. Net sales for the quarter, however, decreased by 20% to $860.3 million from $1.08 billion a year ago.
CEO Ryan Cohen had previously indicated that the company would focus on operating with 'a smaller network and more value-added' items. This earnings report reflects the positive impact of these operational adjustments on profitability despite declining top-line revenue.
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