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Best Buy
🇺🇸 NYSE:BBY
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Oct 29, 2022

Best Buy Q3 2023 Earnings Report

Best Buy's Q3 2023 results were announced, with comparable sales declining by 10.4%. GAAP diluted EPS was $1.22, and non-GAAP diluted EPS was $1.38. The company raised its full-year guidance and resumed share repurchases.

Key Takeaways

Best Buy reported Q3 FY23 results, with revenue of $10.59 billion and a comparable sales decline of 10.4%. GAAP diluted EPS was $1.22, and non-GAAP diluted EPS was $1.38. The company has updated its FY23 outlook and now expects comparable sales to decline approximately 10%.

Enterprise revenue was $10.59 billion, compared to $11.91 billion in Q3 FY22.

Enterprise comparable sales decreased 10.4%.

GAAP diluted EPS was $1.22, while non-GAAP diluted EPS was $1.38.

The company is updating its FY23 outlook, expecting comparable sales to decline approximately 10%.

Total Revenue
$10.6B
Previous year: $11.9B
-11.1%
EPS
$1.38
Previous year: $2.08
-33.7%
Domestic Comp Sales
-10.5%
Previous year: 2%
-625.0%
International Comp Sales
-9.3%
Previous year: -3%
+210.0%
Gross Profit
$2.33B
Previous year: $2.8B
-16.8%
Cash and Equivalents
$932M
Previous year: $3.47B
-73.1%
Free Cash Flow
$346M
Previous year: -$28M
-1335.7%
Total Assets
$17B
Previous year: $20.1B
-15.3%

Best Buy

Best Buy

Best Buy Revenue by Segment

Best Buy Revenue by Geographic Location

Forward Guidance

Best Buy is updating its FY23 outlook to flow through better-than-expected Q3 results while keeping Q4 expectations unchanged. The company now expects comparable sales to decline approximately 10% and its non-GAAP operating income rate to be slightly higher than 4.0%.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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