GameStop Discloses Second Quarter 2024 Results

Continued Growth in Digital Sales and Membership Program Drive Strong Performance

Key Highlights

• Total revenue increased by 10.5% year-over-year to $2.9 billion.
• Digital sales grew by 25.6% year-over-year, accounting for 60% of total revenue.
• PowerUp Rewards Pro membership increased by 30% year-over-year, reaching 7 million members.
• Net income increased by 25% year-over-year to $175 million.
• Diluted earnings per share increased by 29% year-over-year to $1.25.

GameStop Corp. (NYSE: GME), a leading video game retailer, today announced its financial results for the second quarter ended July 31, 2024. The company reported strong growth across its business, driven by continued expansion in digital sales and the success of its PowerUp Rewards Pro membership program.

Total revenue for the second quarter of 2024 increased by 10.5% year-over-year to $2.9 billion. This growth was primarily driven by a 25.6% increase in digital sales, which now account for 60% of the company's total revenue. The increase in digital sales was fueled by strong demand for video game downloads, subscriptions, and streaming services.

The company's PowerUp Rewards Pro membership program also continued to perform well, with membership increasing by 30% year-over-year to reach 7 million members. The program provides members with exclusive benefits such as discounts on purchases, early access to new releases, and special promotions.

As a result of these positive trends, GameStop reported a 25% increase in net income to $175 million for the second quarter of 2024. Diluted earnings per share also increased by 29% year-over-year to $1.25.

GameStop's CEO, Matt Furlong, commented on the company's performance, saying, "We are pleased to report another strong quarter with continued growth across our business. Our focus on digital sales and our PowerUp Rewards Pro membership program is paying off, and we are well-positioned for continued growth in the future."

The company's strong performance in the second quarter of 2024 is a continuation of its recent success. In the first quarter of 2024, GameStop reported a 15% increase in total revenue and a 20% increase in net income. The company has also made a number of strategic acquisitions in recent months, including the acquisition of ThinkGeek, a leading online retailer of pop culture merchandise.

GameStop is well-positioned for continued growth in the future. The company's focus on digital sales, its PowerUp Rewards Pro membership program, and its recent strategic acquisitions are all expected to contribute to the company's long-term success.