“You hate to see it.”
MarketFoolery
The Motley Fool
4.7 • 1.7K Ratings
🗓️ 24 March 2021
⏱️ 14 minutes
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Summary
GameStop falls 20% after a disappointing 4th quarter and a perplexing lack of guidance from management. Adobe’s 1st-quarter results were as strong as their guidance. General Mills has a mixed 3rd quarter but believes demand for food at home will continue to be strong. Maria Gallagher analyzes those stories and shares which breakfast cereal is her favorite indulgence.
Transcript
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| 0:00.0 | It's Wednesday, March 24th. Welcome to Marketfooler. I'm Chris L. Joining me today from New |
| 0:07.8 | York City. It's Maria Gallagher. Thanks for being here. Thanks so much for having me. |
| 0:12.4 | We've got consumer goods. We've got software. We're going to start with the stock of 2021 |
| 0:18.6 | so far. And that is of course, GameStop. And unfortunately, all those people on Reddit |
| 0:24.7 | buying shares of GameStop over the past few months, we're not also shopping at GameStop |
| 0:31.2 | because fourth quarter profits in revenue were lower than expected. Shares down 22% this |
| 0:37.3 | morning. Maria, you hate to see it. You hate to see it. I was thinking about it this |
| 0:43.0 | morning. I feel like it was only yesterday that I was here talking about their quarter |
| 0:46.4 | three earnings. And it was right before I even really knew what Wall Street Buffs was |
| 0:51.3 | more than just kind of a phrase that I had heard people toss around. Interestingly, |
| 0:56.2 | the conference call yesterday, the CEO, George Sherman, didn't take questions. He didn't |
| 1:01.6 | address any stock moves. He didn't address really any of that. He just talked about quarter |
| 1:06.0 | four the full year. And it did miss estimates. Like you said, so net sales were about 2.1 |
| 1:12.3 | billion. It was a 12% decrease in the entire store base. So they closed 693 stores throughout |
| 1:19.0 | the year. Their global e-commerce sales were up 175%. They represented 34% of net sales in |
| 1:26.4 | quarter four versus 12% of net sales in quarter four of last year. And there was a 6.5% increase |
| 1:33.6 | in comp store sales in quarter four. For the full year of 2020, their store sales were down |
| 1:39.4 | about 9.5%. Net sales were about 5 billion. And global e-commerce sales increased 191%, |
| 1:46.8 | which is about 30% of total net sales. So I think it's an interesting thing to note. They closed |
| 1:52.8 | almost 700 stores. They're trying to really streamline profitability. Their guidance is still |
| 1:58.1 | suspended. They're focusing on e-commerce, expanding their product catalog, working with |
| 2:03.6 | those new activist investors. They have some new additions to the management team, a new COO, |
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