News Briefs

GameStop Corp. reported a surprisingly strong first quarter that included the highest quarterly net income and the highest first-quarter operating income in its history.

The video game retailer's net income rose to $389.6 million in the quarter ended May 2, compared to net income of $44.8 million in the year-ago period. Adjusted net income was $179.3 compared to an adjusted net income of $73.1 million in the prior year.

Operating income was $143.3 million for the first quarter. compared to an operating loss of $10.8 million in the prior year's first quarter.

Net sales rose to 14% $835.3 million, driven by sales of  collectibles, which made up 41.8% of net sales, up from 28.9% in the year-ago quarter. (Collectibles Includes the sale of apparel, toys, trading cards, gadgets, other retail products for pop culture and technology enthusiasts, and submission services for the authentication and grading of trading cards. )

Hardware and accessories made up 39.9% of sales, down from 47.1% in the prior year. Software accounted for 18.3% of sales.

The results come after GameStop CEO Ryan Cohen in May launched a bid to take over eBay for $56 billion. eBay subsequently said that its board and independent advisers reviewed the offer and decided to reject it. 

On June 2, the GameStop board unanimously approved a  $2.0 billion share repurchase authorization through June 2, 2029, replacing the prior authorization from March 2019.

As customers search for products using descriptive language such as color, texture or pattern, AI-generated images will instantly take shape in the suggestions below the search bar, shifting and refining with each word added. Customers can tap a generated image and shop for visually similar products. 

Customers searching for apparel or accessories like “women’s silk shirt” will now see AI-generated shoppable collages in search results labeled “Shop by style,” organized by themes such as “Urban luxe” or “Soft elegance.” Tapping a collage leads to a curated page where customers can shop items, explore similar products, or swipe between styles.

When customers search for an item with a broad visual description such as “flannel shirt,” Amazon shows descriptive visual filters while they’re typing. Customers can select the image that best refines what they’re looking for and browse a narrowed selection of relevant products.

[READ MORE: Amazon introduces Lens Live, an AI-powered visual shopping tool]

Amazon enables conversational shopping

Amazon is using AI to expand customer capabilities for discovering and purchasing products. The retailer recently rolled out “Alexa for Shopping” to all U.S. customers on the Amazon e-commerce site and app, as well as on Amazon Echo Show smart speakers. 

This new solution combines the personalization capabilities of the next-gen Alexa+ voice model with the functionality of its former Rufus generative AI shopping assistant to deliver a targeted shopping experience where customers can browse and shop the full Amazon store using voice, touch, or both. 

[READ MORE: Circana: Private label sales hit $330B in 2025]

MillerKnoll Inc. has started the search for a new chief executive.

The Michigan-based furniture maker said that president and CEO Andi Owen will retire as “mutually agreed” with the board. Owen has resigned from the board and has begun a leave of absence from the company. Her official retirement date is June 30.

Jeff Stutz, MillerKnoll’s COO, will perform the duties of CEO during Owen’s leave of absence. He will become interim CEO on June 30.

Owen, who has led MillerKnoll since 2018, made headlines in April 2023 after footage surfaced from a Zoom meeting in which she told employees worried about not receiving bonuses to “leave pity city,” reported Mlive. Her
tenure included the $1.9 billion merger of Herman Miller and Knoll that created a furniture giant.

The company said its board will conduct a comprehensive search process that includes internal and external candidates, with the assistance of an executive search firm, to identify its next next CEO.

A West Coast discount department store chain serving a heavily Hispanic clientele is temporarily removing the markup on certain household essentials.

Curacao, which is based in Los Angeles and operates 13 locations in California, Nevada and Arizona as well as an e-commerce site, is letting customers buy select everyday household essentials at the exact cost it pays its suppliers, with zero markup or profit, for a limited time. 

The initiative, which the retailer says is to help customers with rising prices on necessities such as food, gas and rent, covers dozens of everyday staples, including laundry detergent, disinfecting wipes, dish soap, baby wipes, paper towels, trash bags, shampoo and deodorant. 

Every item in the program is priced at Curacao’s cost, with no added retailer profit, and is available exclusively for customers in-store. On many items, the retailer says customers can save several dollars per unit compared to typical big-box or grocery store prices. Click here to see a sample list of specific products available at cost.

[READ MORE: Survey: Consumers to continue opting for lower-priced retailers]

“Supporting our community has always been at the center of everything we do, but right now families are feeling the strain of higher prices on almost everything,” said James Lubary, executive VP of retail at Curacao. “With our new essential product initiative, we are choosing to give up our markup on select household essentials, so customers pay what we pay, no profit added, on the products they rely on every day. For more than 45 years, our customers have trusted Curacao as more than a retailer, and this program is another way we are standing with them in a tough economy.”

With gas prices remaining elevated, consumers are being extra diligent about how often they drive and what they spend on.

According to a new survey from Reach3's consumer sentiment program, Trade Winds, virtually all Americans (97%) say they are concerned about rising gas prices. In response, nearly two-thirds (65%) say they are cutting non-essential trips, while 61% are driving less overall and 57% are planning errands more carefully. According to AAA, national average gas prices are up more than a dollar per gallon compared to one year ago.

In addition to high gas prices, 66% of consumers say rising grocery costs are affecting them most, followed by energy and utilities (39%), dining out  (38%) and transportation (38%).

Overall, 78% of Americans report negative feelings about the current economy, with frustration (17%) and stress (16%) the most common emotions. Almost half (49%) of those surveyed say they are not optimistic about the future.

The survey noted that increased prices are leading consumers to trim recurring expenses. Thirty-eight percent say they are watching subscription costs more closely, while nearly half (49%) have considered canceling video streaming services.

[READ MORE: Consumer sentiment falls to record low as gas prices, inflation worries rise]

"This is no longer just about reacting to headlines or temporary price increases. Consumers are adapting their routines around sustained economic pressure," said Matt Kleinschmit, CEO and founder of Reach3 Insights. "People are becoming more intentional about where they go, what they buy and which expenses still feel worthwhile. Brands need to understand these decisions are happening constantly in everyday, real-world moments, which is why continuous, immersive in-the-moment research matters."