Best Buy (BBY) Misses Q1 EPS by 6c,Revenue Beats, Updates FY Guidance

Best Buy (NYSE: BBY) reported Q1 EPS of $1.57, $0.06 worse than the analyst estimate of $1.63. Revenue for the quarter came in at $10.65 billion versus the consensus estimate of $10.44 billion.

• Comparable Sales Decreased 8.0% Compared to 37.2% Growth in Q1 FY22

GUIDANCE:

Best Buy sees FY2023 EPS of $8.40-$9.00, versus the consensus of $8.90. Best Buy sees FY2023 revenue of $48.3-49.9 billion, versus the consensus of $50.12 billion.

• Revenue of $48.3 billion to $49.9 billion, compared to the prior outlook of $49.3 billion to $50.8 billion
• Comparable sales decline of 3.0% to 6.0%, compared to the prior outlook of a decline of 1.0% to 4.0%
• Enterprise non-GAAP operating income rate2 of approximately 5.2% to 5.4%, compared to the prior outlook of approximately 5.4%
• Non-GAAP effective income tax rate2 of approximately 24.0%, compared to the prior outlook of approximately 24.5%
• Share repurchases of approximately $1.5 billion, which remains unchanged
• Non-GAAP diluted EPS2 of $8.40 to $9.00, compared to the prior outlook of $8.85 to $9.15

For earnings history and earnings-related data on Best Buy (BBY) click here.

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