earnings
confidence high
sentiment negative
materiality 0.75
Best Buy Q2 comp sales -12.1%, GAAP EPS $1.35; FY23 outlook reaffirmed
BEST BUY CO INC
2023-Q2 EPS reported
$2.85
revenue$20,976,000,000
- Revenue $10.33B (-12.8% YoY); comparable sales -12.1% vs +19.6% last year.
- GAAP diluted EPS $1.35, non-GAAP EPS $1.54; operating margin 3.6% GAAP, 4.1% non-GAAP.
- FY23 guidance: comparable sales decline ~11%, non-GAAP op. income rate ~4%.
- Quarterly dividend $0.88/share, payable Oct 11; share repurchases paused in Q2.
- Restructuring initiative started; $34M charge incurred in Q2, more expected in FY23.