Loading...
•
Oct 30, 2021
Best Buy Q3 2022 Earnings Report
Best Buy's Q3 2022 earnings exceeded expectations, with domestic comparable sales increasing and full-year enterprise comparable sales growth outlook raised.
Key Takeaways
Best Buy reported record Q3 results, with a 2% increase in Domestic comparable sales on top of a 22.6% increase the previous year. The company's omnichannel capabilities and ability to support customers' technology needs drove the positive results. The company is raising full year sales outlook.
Delivered record Q3 results with 2% Domestic comparable sales growth on top of 22.6% last year.
Omnichannel capabilities and technology support uniquely positioned Best Buy to seize opportunities.
Digital sales more than doubled pre-pandemic levels, with growth in phone, chat, and in-home sales.
Reached fastest small-package online shipping times ever, with same-day delivery up 400%.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Best Buy anticipates Q4 FY22 revenue between $16.4 billion and $16.9 billion, with comparable sales growth ranging from -2.0% to +1.0%.
Positive Outlook
- Revenue of $16.4 billion to $16.9 billion
- Comparable sales growth of -2.0% to +1.0%
- Continued investments in new membership program
- Continued investments in technology
- Continued investments in advertising
Challenges Ahead
- Non-GAAP gross profit rate decline of approximately 30 basis points to last year
- Non-GAAP SG&A dollar growth of approximately 8% to last year
- Non-GAAP effective income tax rate of approximately 24.0%
- Uncertainty in predicting the occurrence, the financial impact and the periods in which the non-GAAP adjustments may be recognized.
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
Loading earnings performance data...
Loading earnings reaction data...