Best Buy’s Earnings Mixed, while Retailer’s Guidance Downgraded
November 21, 2023
Best Buy (BBY) shares fell in early trading on Tuesday, November 21, after the company reported a mixed Q3 2023 earnings report. The tech and gadgets retailer said consumer demand has become more uneven and less predictable in the recent macroeconomic environment.
Best Buy's Q3 non-GAAP earnings per share were $1.29, beating estimates by $0.09. Revenue was $9.76 billion (-7.8% YoY), down $140 million. "For the fourth quarter, we expect our comparable sales to decline in the range of 3.0% to 7.0%," – Best Buy’s Chief Financial Officer Matt Bilunas said during the conference call. "In terms of profitability, we expect our fourth quarter non-GAAP operating income ratio growth for fiscal 2024 will be between 4.7% and 5.0%, compared with 4.8% growth last year”.
Best Buy's forecast for FY24 is as follows:
Revenue of $43.1 billion to $43.7 billion, compared with previous guidance of $43.8 billion to $44.5 billion. Comparable sales expectations revised down 6.0% to 7.5% decline, compared with previous guidance of a 4.5% to 6.0% decline. Non-GAAP diluted earnings per share now stand at a range $6.00 to $6.30, compared with previous guidance of $6.00 to $6.40.
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