Revenue rose 7.8% to $1.38B during the quarter. Hardware and accessories sales of $674M accounted for 48.9% of total sales vs. 55.1% a year ago, while software sales of $484M rose to 35.1% of the sales mix from 31.2% last year. Collectibles revenue was up 26% Y/Y to $221M and accounted for 16.0% of the total vs. 13.7% a year ago.
GameStop (GME) recorded an operating loss of $154M, compared to a loss of $41M a year ago. Notably, SG&A expenses were up 22% to $452M. Inventory was $917.6M vs. $570.9M at the close of the quarter last year. The higher inventory level was said to reflect a continued focus on improving in-stock levels in merchandise to meet increased customer demand and offset supply chain headwinds.
GameStop (GME) reiterated that its NFT Marketplace is planned to launch in Q2.