GameStop Corp. - GME STOCK NEWS

GameStop Corp. (GME) announced plans to sell up to 3.5 million shares of its common stock through an at-the-market (ATM) offering. The net proceeds from the sales will be utilized to accelerate the company's transformation and strengthen its balance sheet. Sales will occur at prevailing market prices and will be conducted by Jefferies LLC, who will act as the sales agent. The total gross proceeds from this offering are not expected to exceed $1 billion. This move is part of GameStop's ongoing strategy to enhance its financial position.

GameStop Corp. (NYSE: GME) reported a preliminary 11% increase in total global sales for the nine-week period ending April 3, 2021, compared to the same period in 2020. Sales growth was bolstered by an 18% increase during March 2021. Despite ongoing challenges from COVID-19-related restrictions, the company continues its strategic store optimization, resulting in a 13% decrease in store base. This press release cautions that the sales data is preliminary and may be subject to change, emphasizing the company's adaptive strategies amidst evolving market conditions.

GameStop Corp. announces key executive appointments aimed at enhancing its transformation efforts. Elliott Wilke has been named Chief Growth Officer, effective April 5, 2021, bringing extensive experience from Amazon. His role will focus on growth strategies and customer loyalty initiatives. Additionally, GameStop has appointed Andrea Wolfe as Vice President of Brand Development and Tom Petersen as Vice President of Merchandising, both starting March 29, 2021, to bolster branding and merchandising efforts.

GameStop Corp. has announced the appointment of Jenna Owens as Chief Operating Officer, effective March 29, 2021. Owens, with nearly 20 years of experience in technology and supply chain, previously worked at Amazon and Google. Additionally, GameStop has hired Neda Pacifico as Senior Vice President of E-Commerce and Ken Suzuki as Vice President of Supply Chain Systems, both starting on March 29, 2021. These hires aim to enhance GameStop's operational capabilities and digital transformation.

GameStop Corp. (NYSE: GME) reported a 6.5% increase in comparable store sales for Q4 2020, with global e-commerce sales soaring 175%. Despite net sales falling to $2.122 billion from $2.194 billion, significant SG&A expense reductions of $409 million helped improve profitability. The company ended FY 2020 with $635 million in cash, while net income rose to $80.5 million or $1.19 per diluted share. The appointment of technology veteran Jenna Owens as COO highlights its push towards digital transformation and e-commerce.

GameStop Corp. (NYSE: GME) will release its fourth quarter and fiscal year 2020 earnings results on March 23, 2021, after market close. An investor conference call is scheduled for 5:00 PM ET the same day to discuss the financial results. Investors can access the call via GameStop's investor relations page. The company operates over 4,800 stores globally and offers a wide range of gaming products and collectibles, both online and in-store.

GameStop Corp. has announced the formation of a Strategic Planning and Capital Allocation Committee to spearhead its transformation efforts. The committee, headed by Ryan Cohen, aims to identify initiatives that enhance shareholder value. Key actions include appointing a Chief Technology Officer, hiring executives for customer care and e-commerce, and planning a CFO succession. The committee will evaluate GameStop's operational objectives and digital capabilities while focusing on transitioning into a technology-oriented business.

GameStop Corp. (NYSE: GME) announced the resignation of Jim Bell, CFO, effective March 26, 2021. The company appreciates his contributions, particularly during the COVID-19 pandemic. GameStop has engaged a leading executive search firm to find a permanent CFO. If a replacement isn't appointed by Bell's departure, Diana Jajeh, the current Senior VP and Chief Accounting Officer, will serve as interim CFO. Jajeh brings over 20 years of experience, having worked at firms like PricewaterhouseCoopers and Visa.

GameStop Corp. has announced the appointment of new executives to bolster its transformation efforts. Matt Francis will take on the role of Chief Technology Officer starting February 15, 2021, bringing over 20 years of e-commerce experience from Amazon Web Services. Kelli Durkin, formerly at Chewy, joins as Senior Vice President of Customer Care on March 1, 2021, with a focus on enhancing customer service initiatives. Josh Krueger, with a background at Amazon and Walmart, will serve as Vice President of Fulfillment, also starting March 1, 2021, overseeing e-commerce fulfillment centers.