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Apr 30, 2022
Best Buy Q1 2023 Earnings Report
Best Buy's Q1 2023 earnings were impacted by macroeconomic conditions, resulting in a slight sales decrease compared to expectations. The company is adapting to the changing environment and continuing to invest in its future.
Key Takeaways
Best Buy reported Q1 FY23 results with a revenue of $10.65 billion and GAAP diluted EPS of $1.49. Comparable sales decreased by 8.0% compared to the previous year. The company is revising its full-year financial guidance due to worsening macro conditions.
Enterprise comparable sales decreased 8.0% compared to 37.2% growth in Q1 FY22.
GAAP diluted EPS was reported at $1.49, while non-GAAP diluted EPS was $1.57.
The company is revising its full-year financial guidance to reflect current trends.
Domestic revenue decreased 8.7%, driven by a comparable sales decline of 8.5%.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Best Buy is updating its FY23 financial guidance to reflect current market trends. The company anticipates comparable sales and the year-over-year decline in non-GAAP operating income rate will be very similar to the first quarter results.
Positive Outlook
- Revenue of $48.3 billion to $49.9 billion
- Share repurchases of approximately $1.5 billion
- Non-GAAP effective income tax rate of approximately 24.0%
Challenges Ahead
- Comparable sales decline of 3.0% to 6.0%
- Enterprise non-GAAP operating income rate of approximately 5.2% to 5.4%
- Non-GAAP diluted EPS of $8.40 to $9.00
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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