With GameStop having reported on its Q2 2023 earnings results for the most recent fiscal quarter, the company was able to share a satisfactory report. However, not all of its metrics were stellar. Collectibles has been an area where GameStop has made much of its money in previous years, but it was quite a bit down from Q2 2022 to Q2 2023. In fact, GameStop’s Collectibles sector saw a nearly 24 percent revenue year-over-year.
GameStop reported its Collectibles revenue in the recent release of its Q2 2023 earnings results on September 6, 2023. In said report, GameStop reported that its Collectibles revenue for Q2 2023 was $169.8 million USD. Comparatively GameStop’s Q2 2022 Collectibles revenue came in at $223.2 million. This was a 23.9 percent drop year-over-year for the company, marking a major decrease in this sector. It was even down from Q1 2023, which put up a Collectibles revenue of $173 million.
GameStop has almost always kept a large variety of collectibles on hand for sale to customers, heavily relying on brands like ThinkGeek and Funko to fill its stores. However, if the current metrics are to be believed, it would appear that Collectibles are dropping off substantially for GameStop.
The company was still able to put up a reasonable quarter, coming in well ahead of estimates in revenue and even posting less-than-expected losses for Q2 2023. If Collectibles continues to drop, then GameStop may need to look elsewhere to replace that profit. It certainly doesn’t look like it will be in the crypto market either, with GameStop having shut down its Wallet platform earlier this year. Stay tuned as we continue to report on GameStop, GME, and further tech company earnings results as they drop.
TJ Denzer posted a new article, GameStop (GME) Q2 2023 Collectibles revenue fell 23.9% from Q2 2022
If collectibles dropped so hard, where did the increased revenue come from to nearly hit positive EPS?