[August 27, 2015] |
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GameStop Reports Second Quarter 2015 Results
GameStop Corp. (NYSE: GME), a global family of specialty retail brands
that makes the most popular technologies affordable and simple, today
reported sales and earnings for the second quarter ended August 1, 2015.
Paul Raines, chief executive officer, stated, "Results for the second
quarter again exceeded our expectations, reflecting the mix of sales in
our market-leading video game business and the continuing success of our
diversified segments. During the quarter, we increased the number of
Technology Brands stores by 33% and completed the acquisition of
Geeknet, continuing the expansion of our non-gaming businesses. We are
excited about the growth prospects of these businesses and expect them
to deliver sustained profits over the next several years.
"During the second half of the year, we anticipate momentum in our core
gaming business with the launch of several AAA titles, complementing
growth in our pre-owned segment being fueled by a continuing shift to
next-gen products. We also expect Technology Brands and collectibles
products to contribute meaningful profits for the balance of the year."
The following table summarizes the second quarter results for fiscal
2015 and 2014 (in millions, except per share amounts):
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Quarter Ended
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*(Adjusted Results)
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Aug 1, 2015
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Aug 2, 2014
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Change
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Net sales
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$1,761.9
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$1,731.4
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1.8%
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Same store sales
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8.1%
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21.9%
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Operating earnings*
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$60.8
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$36.7
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65.7%
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Net income*
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$33.1
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$24.6
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34.6%
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Diluted EPS*
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$0.31
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$0.22
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40.9%
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Q2 2015 Financial Summary
Total global sales rose 1.8% to $1.76 billion (a 7.4% increase in
constant currency) and consolidated global comparable store sales
increased 8.1% (+10.8% in the U.S. and +1.8% internationally),
successfully overlapping the 25% sales growth and 22% comp achieved in
the prior year quarter.
In the video games segments, new hardware sales declined 2.2% (a 3.7%
increase in constant currency), new software sales decreased 6.0% (a
0.7% increase in constant currency), while pre-owned sales increased
0.5% (a 5.1% increase in constant currency) driven by an acceleration in
next-gen sales as PS4 and Xbox One trades and inventory become a larger
part of the overall pre-owned mix.
Sales in the Mobile and Consumer Electronics category rose 26.9% (a
27.8% increase in constant currency) to $142.2 million, driven by a
62.3% increase in Technology Brands revenues. During the quarter, 182
new Technology Brands stores were opened and/or acquired. As a result,
Spring Mobile is now AT&T's largest authorized reseller.
Strong sales of collectibles products drove a 37.7% increase (a 48.5%
increase in constant currency) in the Other category as we continued to
expand this new offering around the world.
Non-GAAP digital receipts increased 11.1% (a 17.5% increase in constant
currency) to $199.1 million, or $41.6 million of sales on a GAAP basis.
Strong sales of DLC for Witcher 3 and Batman Arkham Knight were the
primary growth drivers during the quarter.
In the second quarter, as a result of non-recurring costs to complete
the Geeknet acquisition and the Technology Brands expansion, the company
recorded one-time charges of $9.1 million, $7.8 million net of tax
benefits, or $0.07 per share. A reconciliation of non-GAAP adjusted net
income to GAAP net income is included with this release (Schedule III).
Excluding the one-time charges, GameStop's adjusted net earnings for the
second quarter were $33.1 million, a 34.6% increase over the prior year
quarter. The increase was primarily driven by 110 basis points of margin
expansion, primarily in the Mobile and Other categories. Adjusted
diluted earnings per share were $0.31, a 40.9% increase over the prior
year quarter, exceeding the high-end of guidance by $0.06. Foreign
currency exchange rate changes cost nearly $100 million in sales, but
had minimal impact on EPS.
Including the one-time charges, GameStop's second quarter net earnings
increased 2.8% to $25.3 million, compared to net earnings of $24.6
million in the prior year quarter. Diluted earnings per share were $0.24
compared to diluted earnings per share of $0.22 in the prior year
quarter.
Capital Allocation Update
During the second quarter of 2015, the company repurchased 1.41 million
shares at an average price of $43.04 per share, or $60.7 million of
stock. Through the first half of the fiscal year, GameStop has
repurchased 2.6 million shares at an average price of $41.21, or $107.1
million worth of stock. As of the end of the second quarter, there was
$340.2 million remaining on the existing repurchase authorization.
GameStop's board of directors also declared a quarterly cash dividend of
$0.36 per common share payable on Sept. 22, 2015, to shareholders of
record as of the close of business on Sept. 9, 2015.
Earnings Guidance
For the third quarter of fiscal 2015, GameStop expects comparable store
sales to range from +1.0% to +4.0%. Diluted earnings per share are
expected to range from $0.53 to $0.60, compared to adjusted diluted
earnings per share of $0.57 in the prior year quarter.
For fiscal year 2015, the company is raising its previously announced
full year adjusted diluted earnings per share guidance range from $3.63
to $3.83 to $3.66 to $3.86 to account for the reduction in shares
outstanding. Full year comparable store sales are now expected to range
from +2.0% to +7.0%.
Note: Guidance only includes the effect of the shares repurchased
through the second quarter of 2015.
Conference Call Information
A conference call with GameStop Corp.'s management is scheduled for Aug.
27, 2015 at 4:00 p.m. CDT to discuss the company's financial results.
The phone number for the call is 888-663-2241 and the pass code is
1526961. This call, along with supplemental information, can also be
accessed at GameStop Corp.'s investor relations home page at http://investor.GameStop.com/.
The conference call will be archived for two months on GameStop's
corporate website.
About GameStop
GameStop Corp. (NYSE: GME), a Fortune 500 and S&P 500 company
headquartered in Grapevine, Texas, is a global, multichannel video game,
consumer electronics and wireless services retailer. GameStop operates
more than 6,800 stores across 14 countries. The company's consumer
product network also includes www.gamestop.com;
www.Kongregate.com,
a leading browser-based game site; Game Informer® magazine, the
world's leading print and digital video game publication and the
recently acquired Geeknet, Inc., parent company of ThinkGeek, www.thinkgeek.com,
the premier retailer for the global geek community featuring exclusive
and unique video game and pop culture products. In addition, our
Technology Brands segment includes Simply Mac and Spring Mobile stores.
Simply Mac, www.simplymac.com,
operates 72 stores, selling the full line of Apple products, including
laptops, tablets, and smartphones and offering Apple certified warranty
and repair services. Spring Mobile, http://springmobile.com,
sells post-paid AT&T services and wireless products through its 590 AT&T
branded stores and offers pre-paid wireless services, devices and
related accessories through its 69 Cricket branded stores in select
markets in the U.S.
General information about GameStop Corp. can be obtained at the
company's corporate website. Follow GameStop on Twitter @ www.twitter.com/GameStop
and find GameStop on Facebook @ www.facebook.com/GameStop.
Non-GAAP Measures
As a supplement to our financial results presented in accordance with
U.S. generally accepted accounting principles (GAAP), GameStop uses
certain non-GAAP measures, such as digital receipts and constant
currency, to provide a clearer perspective of the current operating
performance of the company. GameStop defines digital receipts as the
full amount paid by the customer for digital content at the time of sale
and/or the value attributed to digital content when physical and digital
products are sold combined. Results reported as constant currency
exclude the impact of fluctuations in foreign currency exchange rates by
converting our local currency financial results using the prior period
exchange rates and comparing these adjusted amounts to our current
period reported results. Our definition and calculation of constant
currency information may differ from that of other companies. Non-GAAP
financial measures should be viewed in addition to, and not as an
alternative for, the company's reported GAAP financial results.
Safe Harbor
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Such
statements may include, but are not limited to, the outlook for the
third quarter and fiscal 2015, future financial and operating results,
projected store openings, the company's plans, objectives, expectations
and intentions, and other statements that are not historical facts. Such
statements are based upon the current beliefs and expectations of
GameStop's management and are subject to significant risks and
uncertainties. Actual results may differ from those set forth in the
forward-looking statements. GameStop undertakes no obligation to
publicly update or revise any forward-looking statements. The following
factors, among others, could cause actual results to differ from those
set forth in the forward-looking statements: the inability to obtain
sufficient quantities of product to meet consumer demand, including
console hardware and accessories; the timing of release and consumer
demand for new and pre-owned video game titles; the risks associated
with international operations, wireless industry partnerships and
operations; the integration of acquisitions; the impact of increased
competition and changing technology in the video game industry,
including browser and mobile games and alternative methods of
distribution; and economic, regulatory and other events, including
litigation, that could reduce or impact consumer demand or affect the
company's business. Additional factors that could cause GameStop's
results to differ materially from those described in the forward-looking
statements can be found in GameStop's Annual Report on Form 10-K for the
fiscal year ended Jan. 31, 2015 filed with the SEC and available at the
SEC's Internet site at http://www.sec.gov
or http://investor.GameStop.com.
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GameStop Corp.
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Condensed Consolidated Statements of Operations
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(in millions, except per share data)
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(unaudited)
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13 weeks
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13 weeks
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ended
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ended
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Aug 1, 2015
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Aug 2, 2014
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Net sales
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$
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1,761.9
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$
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1,731.4
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Cost of sales
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1,181.4
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1,180.5
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Gross profit
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580.5
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550.9
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Selling, general and administrative
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expenses
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490.8
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475.4
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Depreciation and amortization
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38.0
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|
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|
|
38.8
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Operating earnings
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|
51.7
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|
36.7
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|
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Interest expense, net
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5.6
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1.1
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Earnings before income tax expense
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46.1
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35.6
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Income tax expense
|
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20.8
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|
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|
|
11.0
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|
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|
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Net income
|
|
|
$
|
25.3
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|
$
|
24.6
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Net income per common share:
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Basic
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$
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0.24
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$
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0.22
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Diluted
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$
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0.24
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$
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0.22
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Dividends per common share
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$
|
0.36
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$
|
0.33
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Weighted average common shares
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outstanding:
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Basic
|
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106.5
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|
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|
113.6
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Diluted
|
|
|
|
107.2
|
|
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|
114.3
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|
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Percentage of Net Sales:
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|
|
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|
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|
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|
Net sales
|
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|
|
100.0
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%
|
|
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|
100.0
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%
|
Cost of sales
|
|
|
|
67.1
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%
|
|
|
|
68.2
|
%
|
|
|
|
|
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|
|
Gross profit
|
|
|
|
32.9
|
%
|
|
|
|
31.8
|
%
|
|
|
|
|
|
|
|
Selling, general and administrative
|
|
|
|
|
|
|
expenses
|
|
|
|
27.8
|
%
|
|
|
|
27.5
|
%
|
Depreciation and amortization
|
|
|
|
2.2
|
%
|
|
|
|
2.2
|
%
|
|
|
|
|
|
|
|
Operating earnings
|
|
|
|
2.9
|
%
|
|
|
|
2.1
|
%
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
|
0.3
|
%
|
|
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before income tax expense
|
|
|
|
2.6
|
%
|
|
|
|
2.0
|
%
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
|
1.2
|
%
|
|
|
|
0.6
|
%
|
|
|
|
|
|
|
|
Net income
|
|
|
|
1.4
|
%
|
|
|
|
1.4
|
%
|
|
|
GameStop Corp.
|
Condensed Consolidated Statements of Operations
|
(in millions, except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
26 weeks
|
|
|
26 weeks
|
|
|
|
ended
|
|
|
ended
|
|
|
|
Aug 1, 2015
|
|
|
Aug 2, 2014
|
|
|
|
|
|
|
|
Net sales
|
|
|
$
|
3,822.5
|
|
|
|
$
|
3,727.7
|
|
Cost of sales
|
|
|
|
2,603.0
|
|
|
|
|
2,550.4
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
1,219.5
|
|
|
|
|
1,177.3
|
|
|
|
|
|
|
|
|
Selling, general and administrative
|
|
|
|
|
|
|
expenses
|
|
|
|
970.1
|
|
|
|
|
956.4
|
|
Depreciation and amortization
|
|
|
|
73.8
|
|
|
|
|
78.3
|
|
|
|
|
|
|
|
|
Operating earnings
|
|
|
|
175.6
|
|
|
|
|
142.6
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
|
11.0
|
|
|
|
|
1.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before income tax expense
|
|
|
|
164.6
|
|
|
|
|
140.9
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
|
65.5
|
|
|
|
|
48.3
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
99.1
|
|
|
|
$
|
92.6
|
|
|
|
|
|
|
|
|
Net income per common share:
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.92
|
|
|
|
$
|
0.81
|
|
Diluted
|
|
|
$
|
0.92
|
|
|
|
$
|
0.80
|
|
|
|
|
|
|
|
|
Dividends per common share
|
|
|
$
|
0.72
|
|
|
|
$
|
0.66
|
|
|
|
|
|
|
|
|
Weighted average common shares
|
|
|
|
|
|
|
outstanding:
|
|
|
|
|
|
|
Basic
|
|
|
|
107.2
|
|
|
|
|
114.3
|
|
Diluted
|
|
|
|
107.8
|
|
|
|
|
115.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of Net Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
100.0
|
%
|
|
|
|
100.0
|
%
|
Cost of sales
|
|
|
|
68.1
|
%
|
|
|
|
68.4
|
%
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
31.9
|
%
|
|
|
|
31.6
|
%
|
|
|
|
|
|
|
|
Selling, general and administrative
|
|
|
|
|
|
|
expenses
|
|
|
|
25.4
|
%
|
|
|
|
25.7
|
%
|
Depreciation and amortization
|
|
|
|
1.9
|
%
|
|
|
|
2.1
|
%
|
|
|
|
|
|
|
|
Operating earnings
|
|
|
|
4.6
|
%
|
|
|
|
3.8
|
%
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
|
0.3
|
%
|
|
|
|
0.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before income tax expense
|
|
|
|
4.3
|
%
|
|
|
|
3.8
|
%
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
|
1.7
|
%
|
|
|
|
1.3
|
%
|
|
|
|
|
|
|
|
Net income
|
|
|
|
2.6
|
%
|
|
|
|
2.5
|
%
|
|
|
GameStop Corp.
|
Condensed Consolidated Balance Sheets
|
(in millions)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Aug 1,
|
|
|
Aug 2,
|
|
|
|
2015
|
|
|
2014
|
ASSETS:
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
136.2
|
|
|
$
|
193.0
|
Receivables, net
|
|
|
|
118.3
|
|
|
|
91.2
|
Merchandise inventories, net
|
|
|
|
988.3
|
|
|
|
1,061.0
|
Prepaid expenses and other current assets
|
|
|
|
192.9
|
|
|
|
181.9
|
Deferred income taxes
|
|
|
|
65.9
|
|
|
|
59.2
|
Total current assets
|
|
|
|
1,501.6
|
|
|
|
1,586.3
|
|
|
|
|
|
|
|
Property and equipment:
|
|
|
|
|
|
|
Land
|
|
|
|
17.7
|
|
|
|
21.0
|
Buildings & leasehold improvements
|
|
|
|
627.9
|
|
|
|
621.9
|
Fixtures and equipment
|
|
|
|
926.3
|
|
|
|
864.0
|
Total property and equipment
|
|
|
|
1,571.9
|
|
|
|
1,506.9
|
|
|
|
|
|
|
|
Less accumulated depreciation and amortization
|
|
|
|
1,108.6
|
|
|
|
1,057.2
|
Net property and equipment
|
|
|
|
463.3
|
|
|
|
449.7
|
|
|
|
|
|
|
|
Goodwill
|
|
|
|
1,472.0
|
|
|
|
1,420.6
|
Other noncurrent assets
|
|
|
|
401.9
|
|
|
|
306.9
|
Total assets
|
|
|
$
|
3,838.8
|
|
|
$
|
3,763.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
481.1
|
|
|
$
|
460.8
|
Accrued liabilities
|
|
|
|
847.4
|
|
|
|
743.1
|
Income taxes payable
|
|
|
|
3.5
|
|
|
|
29.7
|
Current portion of debt
|
|
|
|
12.5
|
|
|
|
214.1
|
Total current liabilities
|
|
|
|
1,344.5
|
|
|
|
1,447.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other long-term liabilities
|
|
|
|
527.0
|
|
|
|
134.4
|
Total liabilities
|
|
|
|
1,871.5
|
|
|
|
1,582.1
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
1,967.3
|
|
|
|
2,181.4
|
Total liabilities and stockholders' equity
|
|
|
$
|
3,838.8
|
|
|
$
|
3,763.5
|
|
|
GameStop Corp.
|
|
Schedule I
|
Sales Mix
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended
|
|
|
13 Weeks Ended
|
|
|
|
Aug 1, 2015
|
|
|
Aug 2, 2014
|
|
|
|
Net
|
|
|
Percent
|
|
|
Net
|
|
|
Percent
|
|
|
|
Sales
|
|
|
of Total
|
|
|
Sales
|
|
|
of Total
|
Net Sales (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New video game hardware
|
|
|
$
|
324.9
|
|
|
18.4
|
%
|
|
|
$
|
332.3
|
|
|
19.2
|
%
|
New video game software
|
|
|
|
467.2
|
|
|
26.5
|
%
|
|
|
|
497.0
|
|
|
28.7
|
%
|
Pre-owned and value video game products
|
|
|
|
560.8
|
|
|
31.8
|
%
|
|
|
|
558.0
|
|
|
32.2
|
%
|
Video game accessories
|
|
|
|
125.8
|
|
|
7.1
|
%
|
|
|
|
107.5
|
|
|
6.2
|
%
|
Digital
|
|
|
|
41.6
|
|
|
2.4
|
%
|
|
|
|
52.3
|
|
|
3.0
|
%
|
Mobile and consumer electronics
|
|
|
|
142.2
|
|
|
8.1
|
%
|
|
|
|
112.1
|
|
|
6.5
|
%
|
Other
|
|
|
|
99.4
|
|
|
5.7
|
%
|
|
|
|
72.2
|
|
|
4.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
$
|
1,761.9
|
|
|
100.0
|
%
|
|
|
$
|
1,731.4
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule II
|
Gross Profit Mix
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended
|
|
|
13 Weeks Ended
|
|
|
|
Aug 1, 2015
|
|
|
Aug 2, 2014
|
|
|
|
|
|
|
Gross
|
|
|
|
|
|
Gross
|
|
|
|
Gross
|
|
|
Profit
|
|
|
Gross
|
|
|
Profit
|
|
|
|
Profit
|
|
|
Percent
|
|
|
Profit
|
|
|
Percent
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New video game hardware
|
|
|
$
|
33.4
|
|
|
10.3
|
%
|
|
|
$
|
31.6
|
|
|
9.5
|
%
|
New video game software
|
|
|
|
110.8
|
|
|
23.7
|
%
|
|
|
|
115.7
|
|
|
23.3
|
%
|
Pre-owned and value video game products
|
|
|
|
257.8
|
|
|
46.0
|
%
|
|
|
|
262.1
|
|
|
47.0
|
%
|
Video game accessories
|
|
|
|
45.7
|
|
|
36.3
|
%
|
|
|
|
41.9
|
|
|
39.0
|
%
|
Digital
|
|
|
|
32.8
|
|
|
78.8
|
%
|
|
|
|
34.0
|
|
|
65.0
|
%
|
Mobile and consumer electronics
|
|
|
|
64.5
|
|
|
45.4
|
%
|
|
|
|
40.5
|
|
|
36.1
|
%
|
Other
|
|
|
|
35.5
|
|
|
35.7
|
%
|
|
|
|
25.1
|
|
|
34.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
$
|
580.5
|
|
|
32.9
|
%
|
|
|
$
|
550.9
|
|
|
31.8
|
%
|
|
|
GameStop Corp.
|
|
Schedule III
|
(in millions)
|
(unaudited)
|
Non-GAAP results
|
The following table reconciles the company's net income and
earnings per share as presented in its unaudited Consolidated
Statements of Operations and prepared in accordance with Generally
Accepted Accounting Principles ("GAAP") to its non-GAAP net income
and earnings per share, which excludes the effects of acquisition
costs.
|
|
|
|
13 Weeks Ended
|
|
|
13 Weeks Ended
|
|
|
26 Weeks Ended
|
|
|
26 Weeks Ended
|
|
|
|
Aug. 1, 2015
|
|
|
Aug. 2, 2014
|
|
|
Aug. 1, 2015
|
|
|
Aug. 2, 2014
|
GAAP Net Income
|
|
|
$
|
25.3
|
|
|
$
|
24.6
|
|
|
$
|
99.1
|
|
|
$
|
92.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-time acquisition costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
Geeknet
|
|
|
|
5.6
|
|
|
|
-
|
|
|
|
5.6
|
|
|
|
-
|
Technology Brands
|
|
|
|
2.2
|
|
|
|
-
|
|
|
|
2.2
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net Income
|
|
|
$
|
33.1
|
|
|
$
|
24.6
|
|
|
$
|
106.9
|
|
|
$
|
92.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.31
|
|
|
$
|
0.22
|
|
|
$
|
1.00
|
|
|
$
|
0.81
|
Diluted
|
|
|
$
|
0.31
|
|
|
$
|
0.22
|
|
|
$
|
0.99
|
|
|
$
|
0.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares used in non-GAAP calculation
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
106.5
|
|
|
|
113.6
|
|
|
|
107.2
|
|
|
|
114.3
|
Diluted
|
|
|
|
107.2
|
|
|
|
114.3
|
|
|
|
107.8
|
|
|
|
115.1
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20150827005914/en/
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