Best Buy Q3 revenue falls 11% to $10.6B, EPS $1.22; raises FY23 guidance, resumes buybacks

BEST BUY CO INC

2023-Q3 EPS reported $4.07 revenue$31,563,000,000

GAAP diluted EPS of $1.22 (down from $2.00); non-GAAP diluted EPS of $1.38 (down from $2.08).
Enterprise comparable sales declined 10.4% (Domestic -10.5%, International -9.3%).
Raises FY23 outlook: expects comparable sales decline of ~10% and non-GAAP operating income rate slightly above 4.0%.
Resumes share repurchases; expects ~$1B in buybacks in FY23; declares quarterly dividend of $0.88/share payable Jan 3, 2023.
Merchandise inventories $7.3B, down 14.7% YoY; restructuring costs of $26M in Q3.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

BEST BUY CO INC updated its FY23 guidance (raised).

Period: FY23
Guidance: raised
Result: guidance update

Exact text from the filing

“We are updating our FY23 outlook to flow through our better-than-expected Q3 results while keeping our Q4 expectations unchanged,” said Matt Bilunas, Best Buy CFO. “We now expect comparable sales to decline approximately 10% and our non-GAAP operating income rate 2 to be slightly higher than 4.0%.”

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

BEST BUY CO INC reported Q3 FY23 ended October 29, 2022 results: revenue Enterprise $ 10,587, EPS GAAP diluted EPS $ 1.22 $ 2.00 Non-GAAP diluted EPS $ 1.38 $ 2.08.

Period: Q3 FY23 ended October 29, 2022
Revenue: Enterprise $ 10,587
EPS: GAAP diluted EPS $ 1.22 $ 2.00 Non-GAAP diluted EPS $ 1.38 $ 2.08
Result: reported results

Exact text from the filing

Q3 FY23 Q3 FY22 Revenue ($ in millions) Enterprise $ 10,587 $ 11,910 Domestic segment $ 9,800 $ 10,985 International segment $ 787 $ 925 Enterprise comparable sales % change 1 (10.4) % 1.6 % Domestic comparable sales % change 1 (10.5) % 2.0 % Domestic comparable online sales % change 1 (11.6) % (10.1) % International comparable sales % change 1 (9.3) % (3.0) % Operating Income GAAP operating income as a % of revenue 3.4 % 5.6 % Non-GAAP operating income as a % of revenue 3.9 % 5.8 % Diluted Earnings per Share ("EPS") GAAP diluted EPS $ 1.22 $ 2.00 Non-GAAP diluted EPS $ 1.38 $ 2.08

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Source: SEC EDGAR

accession 0000764478-22-000041

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