Video game company GameStop Corp. (NYSE: GME) on Wednesday reported a narrower net loss for the first quarter of 2023 despite a decline in sales.
The company posted a net loss of $50.5 million or $0.17 per share for the April quarter, on a reported basis, compared to a loss of $157.9 million or $0.52 per share in the same period of last year. The adjusted loss was $0.14 per share, compared to a loss of $0.52 per share in the prior-year quarter.
At $1.24 billion, first-quarter net sales were down 10% from the year-ago period. Transition costs related to European restructuring efforts were $14.5 million for the period.