Best Buy Co. Inc.

NYSE:BBY   3:59:59 PM EDT
65.19
-1.96 (-2.92%)
Other Pre-Announcement

Best Buy Reports First Quarter Results

Published: 05/24/2022 11:23 GMT
Best Buy Co. Inc. (BBY) - Best Buy Reports First Quarter Results.
Q1 Non-GAAP Earnings per Share $1.57.
Q1 GAAP Earnings per Share $1.49.comparable Sales Decreased 8.0% Compared to 37.2% Growth in Q1 FY22.
Drivers of Our Q1 Financial Results Were Largely As Expected.
Macro Conditions Worsened Since We Provided Our Guidance in Early March Which Resulted in Our Sales Being Slightly Lower Than Our Expectations.
Macro Trends Have Continued Into Q2 And, As a Result, We Are Revising Our Sales and Profitability Expectations for Year.
Qtrly Enterprise Revenue $10.65 Billion Versus $11.64 Billion Reported a Year Earlier.
Sees FY23 Revenue of $48.3 Billion to $49.9 Billion.
Sees FY23 Comparable Sales Decline of 3.0% to 6.0%.
Q1 Earnings per Share View $1.61, Revenue View $10.40 Billion -- Refinitiv Ibes Data (analyst estimates).
Sees FY23 Non-GAAP Diluted EPS of $8.40 to $9.00.
Qtrly Domestic Revenue of $9.89 Billion Decreased 8.7% Versus Last Year Primarily Driven by a Comparable Sales Decline of 8.5%.
Board of Directors Has Authorized Payment of a Regular Quarterly Cash Dividend of $0.88 per Common Share.
Best Buy-as It Relates Specifically to Q2 FY23, Sees Comparable Sales, Y-o-y Decline in Non-GAAP Operating Income Rate Will Both Be Very Similar to Q1.