Best Buy Co. Inc.

NYSE:BBY   4:00:00 PM EDT
+1.14 (+1.36%)
7:59:11 PM EDT: $85.25 -0.05 (-0.06%)
Positive Earnings Pre-Announcement

Best Buy Reports Third Quarter Results

Published: 11/22/2022 12:44 GMT
Best Buy Co. Inc. (BBY) - Best Buy Reports Third Quarter Results.
Q3 Non-GAAP Earnings per Share $1.38.
Q3 GAAP Earnings per Share $1.22.
Raises Full-year Guidance.
Resumes Share Repurchases.
Qtrly Enterprise Comparable Sales Down 10.4%.
Qtrly Domestic Comparable Online Sales Down 11.6%.
Have Managed Our Inventory Flow Based on a Shopping Pattern That We Believe Looks More Similar to Historical Holiday Periods.
Customer Shopping Activity Concentrated on Black Friday Week, Cyber Monday and Two Weeks Leading Up to December 25.
Now Expect to Spend Approximately $1 Billion in Share Repurchases This Year.
Now Expect Comparable Sales to Decline Approximately 10% in FY23.
Keeping Our Q4 Expectations Unchanged.
Expect Non-GAAP Operating Income Rate to Be Slightly Higher Than 4.0% in FY23.
at End of Q3 FY23, Merchandise Inventories of $7.3 Billion Declined 14.7% Compared to Last Year.
Q3 Earnings per Share View $1.03, Revenue View $10.31 Billion -- Refinitiv Ibes Data (analyst estimates).
Lower Inventory Balance Was Primarily Driven by a Yoy Decline in Revenue, Both in Q3 and in Anticipation of Expected Decline in Q4.
Revenue is expected to be $14.63 Billion
Adjusted EPS is expected to be $2.10

Next Quarter Revenue Guidance is expected to be $10.14 Billion
Next Quarter EPS Guidance is expected to be $1.46

More details on our Analysts Page.