GameStop (GME) Misses Q2 EPS by 11c, FY EPS Guidance Misses Consensus
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GameStop (NYSE: GME) reported Q2 EPS of ($0.32), $0.11 worse than the analyst estimate of ($0.21). Revenue for the quarter came in at $1.3 billion versus the consensus estimate of $1.34 billion.
GameStop sees FY2019 EPS of $1.15-$1.30, versus the consensus of $1.48.
As previously announced, GameStop is currently implementing a cost-savings and operating profit improvement initiative designed to strengthen the organization for the future and support long-term improved financial performance and profitability, which include supply chain efficiencies, operational improvements, expense savings and pricing and promotion optimization. The company now expects to achieve annualized operating profit improvement in excess of $200 million, an increase from its initial estimate of approximately $100 million.
The company is providing the following guidance for full fiscal year 2019:
|Comparable Store Sales||A decline in the low-teens|
|Adjusted (Non-GAAP) Income Tax Rate*||Approximately 27%|
|Adjusted (Non-GAAP) Earnings Per Share (diluted)*||$1.15 to $1.30|
|Capital Expenditures||$90 million to $95 million|
For earnings history and earnings-related data on GameStop (GME) click here.
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