- Best Buy Co Inc BBY reported Revenue down 11.1% in Q1 FY24 year-over-year to $9.47 billion, falling short of analysts’ consensus estimate of $9.52 billion.
- Domestic sales fell 11% year over year and international sales fell 11.6%. Comparable company sales fell by 10.1%.
- Gross profit fell 8.6% year over year to $2.2 billion, with margin rising 60 basis points to 22.7%. Operating income as a percentage of sales declined 100 basis points to 3.3%. Operating income for the quarter fell 32.7% to $311 million.
- Non-GAAP EPS of $1.15 Surpassed analyst consensus of $1.11.
- Best Buy had $1.4 billion in cash and equivalents as of April 29, 2023. Operating cash flow for the quarter was negative $(331) million.
- In the first quarter of fiscal 2024, the company returned a total of $281 million to shareholders through dividends of $202 million and share repurchases of $79 million.
- BBY’s Board of Directors has authorized payment of its regular quarterly cash dividend of $0.92 per common share, payable July 6, 2023, to shareholders of record on June 15, 2023.
- “We continue to strike the right balance between the need to adapt in response to current industry revenue trends and the need to invest to capture opportunities as our industry weathers this downturn and returns to growth,” said Corie Barry , CEO of Best Buy.
- Outlook unchanged: For fiscal year 24, the company expects sales of $43.8 billion to $45.2 billion vs. Street View’s $44.53 billion.
- BBY is expecting adjusted earnings per share to be in the range of $5.70 to $6.50 versus the consensus of $6.17.
- Comparable sales are expected Decrease by 3.0% to 6.0%
- Price promotion: BBY shares are trading up 1.1% at $69.91 at last check on Thursday.
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