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Jul 29, 2023
Best Buy Q2 2024 Earnings Report
Best Buy's Q2 2024 results were announced, featuring sales at the high end of expectations and profitability exceeding forecasts.
Key Takeaways
Best Buy reported Q2 FY24 results with revenue of $9.583 billion and GAAP diluted EPS of $1.25. The company's sales were at the high end of its outlook, and profitability was better than expected, demonstrating strong operational execution amidst industry sales pressure.
Second quarter sales results were at the high-end of the outlook shared in May.
Profitability was better than expectations.
The consumer electronics industry remains challenged due to the pull-forward of demand in prior years and macroeconomic factors.
The company expects this year will be the low point in tech demand after two years of sales declines.
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 provided financial guidance for FY24, including revenue, comparable sales decline, non-GAAP operating income rate, non-GAAP effective income tax rate, non-GAAP diluted EPS, and capital expenditures.
Positive Outlook
- Revenue of $43.8 billion to $44.5 billion
- Comparable sales decline of 4.5% to 6.0%
- Enterprise non-GAAP operating income rate of 3.9% to 4.1%
- Non-GAAP effective income tax rate of approximately 24.5%
- Non-GAAP diluted EPS of $6.00 to $6.40
Challenges Ahead
- Comparable sales are expected to be slightly better than the negative 6.2% reported for Q2.
- The high-end of the full-year revenue outlook was lowered to the previous midpoint.
- Consumer electronics industry remains challenged.
- The company expects this year will be the low point in tech demand after two years of sales declines.
- Macroeconomic factors are still impacting the industry.
Revenue & Expenses
Visualization of income flow from segment revenue to net income