The GameStop turnaround has entered a new chapter, and one needs to look no further than the company’s second quarter earnings call to see a big difference in approach.
Following years of earnings reports accompanied by press releases and statements filled with déjà vu rhetoric, the first report under new CEO and former Amazon exec Matt Furlong was remarkably lean on talk. The video game retailer’s formal earnings report was devoid of executive quotes and fluff as GameStop Q2 sales spiked to $1.183 billion compared to $942 million during the same period last year. Impressively, the company has essentially wiped out its debt — which it’s done with a smaller store footprint — though it charted a wider than expected loss in the quarter.
Embracing the “meme stock” status of $GME, GameStop streamed its usual call for investors and analysts on YouTube where more than 169,000 viewers have tuned in. The hour-long stream contained less than seven minutes of actual talk as Furlong briefly weighed in on the company’s results and provided no substantial details on the nuts and bolts of its transformation or future guidance.
Notably, GameStop is focusing on its customers with the opening of a new, U.S.-based customer care center in Pembroke Pines, Florida. Additionally, it opened an East Coast fulfillment center and signed a lease for a 530,00 square foot facility in Reno, Nevada to solidify coast-to-coast fulfillment operations.
Furlong says that in recent months, GameStop has expanded its selection to include more consumer electronics, toys, and collectibles.
Earlier this year, Chewy founder Ryan Cohen of RC Ventures was named chairman of the GameStop board of directors amid a major refresh of its members. Additional executives have since joined.