Market Updates
U.S. Movers: Dave & Buster's, GameStop, Petco
Scott Peters
11 Sep, 2024
New York City
GameStop Corp. dropped 11% to $20.86, and the video game retailer reported sharply lower revenue in its latest quarter.
Revenue in the second quarter dropped more than 20% to $798 million from $1.16 billion; net income was $14.8 million compared to a loss of $2.8 million; and diluted earnings per share were 4 cents compared to a loss of 1 cent.
The company also announced the sale of up to 20 million shares at an "at-the-market" price.
Dave & Buster's jumped 14% to $34.13 after the entertainment company reported better-than-expected quarterly results.
Revenue in the second quarter ending on August 6 gained 2.8% to $557.1 million, net income jumped to $40.3 million from $25.9 million, and diluted earnings advanced to 99 cents from 60 cents a year ago.
Comparable store sales declined 6.3% from the same calendar period in the year earlier.
Petco Health and Wellness jumped 7.2% to $3.20, and the pet food retailer reported revenue meeting investor expectations.
Revenue declined 0.5% to $1.52 billion, net loss expanded 70% to $24.8 from $14.6 billion, and diluted earnings per share rose 66% to 9 cents from 5 cents.
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