After hours stock movers: GameStop, American Eagle, Dave & Buster's
GameStop (GME): GameStop shares spiked in after hours trading after the retailer announced a partnership with crypto platform FTX.
The agreement “is intended to introduce more GameStop customers to FTX’s community and its marketplaces for digital assets,” according to the release. GameStop and FTX will collaborate on eCommerce and online marketing initiatives and GameStop will start selling FTX gift cards in select stores.
The retailer also posted second-quarter results on Wednesday that showed losses widened to $108.7 million while sales declined 4% from a year ago to $1.14 billion.
American Eagle Outfitters (AEO): Shares sank after the retailer fell short on earnings, paused its quarterly dividend and warned “demand trends remain difficult” in the current quarter. Net revenue for the second quarter totaled $1.2 billion, in line with expectations. AEO’s Executive Chairman and CEO described the second quarter as an “unprecedented time in retail” but was upbeat about coming quarters, writing in the earnings release “I am confident we will successfully navigate current challenges, and set AEO up for a stronger future.”
Shares of American Eagle fell as much as 14% after hours.
Dave & Buster’s (PLAY): Shares fell 6% after the company reported earnings of 59 cents per share, well short of the $1.02 expected by analysts. Revenue for the quarter totaled $468.4 million, an increase of 24% from a year ago. Total comparable sales rose 9.6% from the same period in 2019.
Dave & Buster’s also noted the completion of its acquisition of Main Event on June 29, 2022.
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