GameStop Corp
For the period ended May 4, 2024. Filed Jun 11, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
May 4, 2024 · Filed Jun 11, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Note
- Segment Information
We operate our business infour geographic segments: United States, Canada, Australia and Europe.
We identified segments based on a combination of geographic areas and management responsibility. Segment results for the United States include retail operations in 50 states; our ecommerce website www.gamestop.com; and our GameStop Pro® loyalty program. The United States segment also includes general and administrative expenses related to our corporate offices in Grapevine, Texas. Segment results for Canada include retail and ecommerce operations in Canada and segment results for Australia include retail and ecommerce operations in Australia and New Zealand. Segment results for Europe currently include retail and ecommerce operations in France, Italy and Germany. Our segment results for Europe previously also included retail operations in Austria, Switzerland and Ireland. We measure segment profit using operating earnings, which is defined as income (loss) from operations before net interest (income) expense and income taxes. Transactions between reportable segments consist primarily of royalties, management fees, intersegment loans and related interest. There were no material intersegment sales during the three months ended May 4, 2024 and April 29, 2023.
| UnitedStates | Canada | Australia | Europe | Consolidated | |
|---|---|---|---|---|---|
| Net sales | $617.3 | $42.6 | $79.6 | $142.3 | $881.8 |
| Operating loss | (25.3) | (4.5) | (8.1) | (12.7) | (50.6) |
| Net sales | $832.4 | $62.7 | $115.4 | $226.6 | $1,237.1 |
| Operating loss | (26.3) | (3.8) | (6.0) | (22.3) | (58.4) |
- Income Taxes
Our interim tax provision was determined using an estimated annual effective tax rate and adjusted for discrete taxable events and/or adjustments that have occurred during the three months ended May 4, 2024.
We recognized an income tax benefit of $3.4 million, or 9.5%, for the three months ended May 4, 2024 compared to an income tax benefit of $0.1 million, or 0.2%, for the three months ended April 29, 2023. Our effective income tax rate for the three months ended May 4, 2024 as well as the three months ended April 29, 2023 are primarily due to the recognition of tax benefits on certain current period losses, partially offset by forecasted income taxes due in certain foreign and state jurisdictions in which we operate.
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