Chairman Ryan Cohen did not speak during GameStop's earnings call Wednesday evening as the video game retailer announced its financial results for the second quarter of 2022.
During the earnings call, CEO Matt Furlong walked shareholders through the company's second-quarter results. GameStop reported about $1.14 billion in second-quarter sales, down roughly 4% from the $1.18 billion reported in the second quarter of 2021.
Net losses widened about 76% to $108.7 million from $61.6 million in the prior year's second quarter.
Furlong highlighted that sales attributable to collectibles, which he said GameStop "intend[s] to grow over the long term," grew in the second quarter, compared to $177.2 million the previous year. For the second quarter of 2022, those sales totaled $223.2 million.
Selling, general and administrative expenses were $387.5 million, a decline from the first quarter of 2022 but a slight increase from the $378.9 reported in the second quarter of 2021.
GameStop reported $734.8 million in inventory, a 23% increase from the $596.4 million reported for the second quarter of 2021. That increase reflected the video game retailer's "focus on maintaining adequate in-stock levels to meet customer demand and offset lingering supply chain headwinds," the company said in a release.
Furlong emphasized during the earnings call that GameStop is working to transform from a brick-and-mortar retailer to a "more diversified and tech-centric business." GameStop launched a non-fungible token marketplace in July. On Wednesday, it announced a partnership with the cryptocurrency exchange FTX.
The recent fraud allegations against Cohen were not mentioned during the earnings call. Last month, the GameStop chairman and late Bed Bath & Beyond CFO Gustavo Arnal were both listed as defendants in a class-action lawsuit alleging they had artificially inflated Bed Bath & Beyond's share value in a "pump and dump" scheme.
Arnal died Sept. 2 when he fell from the 18th floor of the Jenga Tower skyscraper in downtown Manhattan. The New York City Medical Examiner’s Office ruled Arnal's death a suicide.
FOX Business reached out to GameStop seeking Cohen's comment on the allegations. A Bed Bath & Beyond spokesperson previously told FOX Business that it is in the early stages of evaluating the complaint but believes the claims are "without merit."