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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%.
Best Buy
Best Buy
Best Buy Revenue by Segment
Best Buy Revenue by Geographic Location
Revenue by Segment
Domestic segment Revenue
CapyFin.comInternational segment Revenue
CapyFin.comRevenue by Geographic Location
Domestic Revenue
CapyFin.comInternational Revenue
CapyFin.com 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