GameStop Corp. stock research
FY2023 Q4
GameStop (GME) Gross Margin — Quarter Ended Feb 3, 2024
Revenue and gross profit both improved sequentially but declined compared to the same quarter last year. Gross margin weakened from the prior quarter, yet remained higher than the year-ago period, indicating a mixed performance.
Gross margin takeaway
Quarter ended Feb 3, 2024 · FY2023 Q4
Revenue and gross profit both improved sequentially but declined compared to the same quarter last year. Gross margin weakened from the prior quarter, yet remained higher than the year-ago period, indicating a mixed performance.
- Gross margin improved year over year, marking the strongest observable directional shift among the measured periods.
- Compared to the previous quarter, gross margin weakened as cost of revenue grew faster than revenue. Relative to the same quarter last year, gross margin strengthened as revenue declined less than cost of revenue.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
23.4%
Gross profit
$419.2M
Revenue
$1.8B
Cost of revenue
$1.4B
Quarter-over-quarter change
-2.8 pts
Year-over-year change
+0.9 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Apr 29, 2023 | $1.2B | $287.3M | $949.8M | 23.2% |
| Jul 29, 2023 | $1.2B | $305.9M | $857.9M | 26.3% |
| Oct 28, 2023 | $1.1B | $281.8M | $796.5M | 26.1% |
| Feb 3, 2024 | $1.8B | $419.2M | $1.4B | 23.4% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Oct 28, 2023
-2.8 pts
Year-over-year change
Jan 28, 2023
+0.9 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Gross margin improved year over year, marking the strongest observable directional shift among the measured periods.
Compared to the previous quarter, gross margin weakened as cost of revenue grew faster than revenue. Relative to the same quarter last year, gross margin strengthened as revenue declined less than cost of revenue.
Monitor the relationship between cost of revenue and revenue growth in upcoming quarters, as sequential cost increases outpaced revenue expansion.