GameStop Corp.
For the period ended Feb 1, 2025. Filed Mar 25, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 25, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
9. Leases
- Leases
The following table presents rent expenses under operating leases:
| Fiscal | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Operating lease cost | $264.1 | $284.0 | $278.3 |
| Variable lease cost (1) | 58.1 | 57.5 | 64.3 |
| Total rent expense | $322.2 | $341.5 | $342.6 |
(1) Variable lease cost includes percentage rentals and variable executory costs.
In fiscal 2024, we recognized $0.7 million of store-level ROU asset impairment charges compared to $2.7 million and $0.1 million of store-level ROU asset impairment charges in fiscal 2023 and 2022, respectively.
The following table presents the weighted-average remaining lease term, which includes reasonably certain renewal options, and the weighted-average discount rate for operating leases included in the measurement of our lease liabilities:
| February 1, 2025 | February 3, 2024 | |
|---|---|---|
| Weighted-average remaining lease term (years) (1) | 3.7 | 4.1 |
| Weighted-average discount rate (2) | 6.7% | 6.1% |
(1) The weighted-average remaining lease term is weighted based on the lease liability balance for each lease as of February 1, 2025 and February 3, 2024.
(2) The weighted-average discount rate weights the IBR determined for each lease based on each lease's respective liability balance as of February 1, 2025 and February 3, 2024.
The following table presents expected lease payments associated with our operating lease liabilities, excluding percentage rentals, for the next five fiscal years:
| Period | Operating Leases(1) |
|---|---|
| Fiscal 2025 | $155.4 |
| Fiscal 2026 | 110.3 |
| Fiscal 2027 | 78.3 |
| Fiscal 2028 | 48.2 |
| Fiscal 2029 | 23.7 |
| Thereafter | 31.3 |
| Total remaining lease payments | 447.2 |
| Less: Interest | (53.4) |
| Present value of lease liabilities(2) | $393.8 |
(1) Operating lease payments exclude legally binding lease payments for leases signed but not yet commenced.
(2) The present value of lease liabilities consist of $144.3 million classified as current portion of operating lease liabilities and $249.5 million classified as long-term operating lease liabilities on our Consolidated Balance Sheets.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.