Summary: *Total Company net sales decreased 11.6 percent and GMV decreased 11.9 percent compared with the same period in fiscal 2022. The wind-down of Canadian operations had a negative impact on total Company net sales of 175 basis points. The first quarter of 2023 included one month of sales from Canadian operations, compared with a full quarter of sales from Canadian operations in the first quarter of 2022. *Gross profit, as a percentage of net sales, of 33.8 percent increased 110 basis points compared with the same period in fiscal 2022, reflecting the Company's focus on increasing inventory productivity. *Ending inventory decreased 7.8 percent compared with the same period in fiscal 2022, versus an 11.6 percent decrease in sales. *Loss before interest and tax was $259 million in the first quarter of 2023, compared with earnings before interest and tax ("EBIT") of $73 million during the same period in fiscal 2022.
Dark Horse Media, an independent comics publishing house and entertainment media company, has been acquired by the Embracer Group, a Swedish video game development company. Financial terms were not disclosed.
Embracer is directed by cofounder and group CEO Lars Wingefors. The group’s purchase includes the acquisition of an 80% stake in Dark Horse from a “seller based in Hong Kong and China”—which appears to be Vanguard Visionary Associates, the Chinese media production company that took an investment stake in DH in 2018—and a remaining 20% share owned by Dark Horse founder, CEO, and publisher Mike Richardson and Dark Horse COO Neil Hankerson.
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