GameStop Corp. (NYSE:GME) Q2 2019 Earnings Conference Call - Final Transcript

Sep 10, 2019 • 05:00 pm ET


GameStop Corp. (NYSE:GME) Q2 2019 Earnings Conference Call - Final Transcript


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Unidentified Speaker

(Starts Abruptly) Thank you. And welcome to GameStop's Second Quarter Fiscal 2019 Earnings and Conference Call.

This conference call will include forward-looking statements, which are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Any such statements should be considered in conjunction with the cautionary statements and the safe harbor statement in the earnings release and risk factors discussed in reports filed with the SEC. GameStop assumes no obligation to update any of these forward-looking statements or information. A reconciliation and other information regarding non-GAAP financial measures discussed on the call can be found in the earnings release issued earlier today as well as the Investor Section of our website.

With me today are GameStop's Chief Executive Officer, George Sherman; and Chief Financial Officer, Jim Bell. On today's call, George will not only discuss some highlights from our second fiscal quarter, but also share specific details of GameStop's strategic framework for the future. Jim will then provide more detail on our financial results and some key expectations for the remainder of the year and into 2020.

Now, I would like to turn the call over to the company's Chief Executive Officer, George Sherman.

George Sherman

Thank you. Good afternoon, everyone, and thank you for joining us today on our second quarter earnings call. As I mentioned in our last call, I, along with my new management team, have been moving quickly to assess the business and develop our strategy to reposition the organization for the future.

Following numerous meetings with stakeholders, from across every aspect of our business, we have acquired valuable feedback and data to further reform our direction and believe, we are formulating the strategic framework and specific initiatives to achieve our long-term growth and profit objectives.

We are committed to taking quick and deliberate actions to improve the performance of the company and set on the correct strategic path, fully leveraging our unique position and brand in the video game industry. I believe that during the call today, you will hear that we are fully committed to that mission and are acting with a sense of urgency to address the areas of the business that are critical to achieving long-term success and value creation.

We recognize that there was a need to rebuild credibility with the investment community and some of our stakeholders. We plan to accomplish this by quickly establishing a track record of delivering on our promises and executing plans for the business that will support improved financial performance and fuel future growth over the long-term. You're going to hear a similar message from Jim Bell regarding clarity of financial metrics and an appropriate level of transparency for how we hold ourselves accountable in meeting our objectives.

To that end, today we will outline a strategy that includes both near-term and long-term measurable objectives, which we plan to track our progress against each quarter. Let's get into the details of that plan. Our strategic plan is anchored on four key tenets.