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Jul 30, 2022
Best Buy Q2 2023 Earnings Report
Best Buy's Q2 2023 results were announced, with comparable sales declining and EPS decreasing compared to the previous year.
Key Takeaways
Best Buy reported a decrease in revenue and earnings per share for the second quarter of fiscal year 2023. Comparable sales declined by 12.1% compared to a strong growth of 19.6% in the same quarter last year. The company is focused on managing profitability and evolving its operating model in response to the challenging sales environment.
Comparable sales decreased 12.1% versus 19.6% growth in Q2 FY22.
GAAP diluted EPS was $1.35, down from $2.90 in the prior year.
Non-GAAP diluted EPS was $1.54, compared to $2.98 in the prior year.
The company commenced an enterprise-wide restructuring initiative to optimize its cost structure.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Best Buy anticipates a comparable sales decline in a range around 11% and a non-GAAP operating income rate of approximately 4% for fiscal year 2023. For Q3 FY23, the company expects comparable sales to decline slightly more than the 12.1% decline reported for Q2 FY23, and the year-over-year decline in the non-GAAP operating income rate to be very similar to, or slightly more than, the Q2 FY23 results.
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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