Market Updates
U.S. Movers: GameStop, Vail Resorts
Scott Peters
07 Jun, 2024
New York City
GameStop declined 18% to $37.72 after the video game retailer posted a larger-than-expected decline in sales in its latest quarter.
Net sales in the first quarter dropped 29% to $881.8 million from $1.23 million, net loss shrank to $32.3 million from $50.5 million, and diluted loss per share shrank to 11 cents from 17 cents a year ago.
The retailer said it may sell an additional 75 million shares on top of the 45 million shares it sold while raising $900 million in May.
The company decided to bring forward the release of its quarterly results because social media influencer and company investor Keith Gill has scheduled a YouTube livestream to discuss his investment in the company.
Vail Resorts dropped 13% to $168.92 after the ski resort operator reported weaker-than-expected fiscal third quarter results.
Revenue in the quarter ending in April increased to $1.28 billion from $1.24 billion, net income rose to $362 million from $325 million, and diluted earnings per share increased to $9.54 from $8.18 a year ago.
The company declared a quarterly cash dividend of $2.22 per share payable on July 10 to shareholders on record on June 25.
The company also repurchased 0.3 million of its own shares in the quarter at an average price of $217 for a total of $75 million, increasing the total purchase to 0.6 million for $125 million in the current fiscal year.
On May 2, the company closed on its acquisition of Crans-Montana Mountain Resort in Switzerland, the company's second ski resort in Europe.
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