earnings
confidence high
sentiment negative
materiality 0.85
Best Buy cuts FY2023 guidance; Q2 comp sales expected down ~13% vs prior 3-6% decline
BEST BUY CO INC
- Q2 FY23 comparable sales expected to decline ~13%; revenue ~7.5% above pre-pandemic Q2 FY20.
- Q2 non-GAAP operating income rate expected around 3.7%.
- FY23 comparable sales guidance cut to ~11% decline from prior 3-6% decline.
- FY23 non-GAAP operating income rate guidance cut to ~4% from prior 5.2-5.4%.
- Share repurchases paused; quarterly dividend of $0.88 per share maintained.