secwatch.observer — SEC 8-K summary
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Issuer:     BEST BUY CO INC (BBY)
CIK:        0000764478
Form:       8-K
Filed at:   2022-11-22T23:59:59+00:00
Accession:  0000764478-22-000041
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/764478/000076447822000041/0000764478-22-000041-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/764478/000076447822000041/bby-20221122x8k.htm
  HTML page:      https://secwatch.observer/filing/0000764478-22-000041

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