Best Buy Q2: Tops Estimates, Tightens FY24 EPS Outlook, Sees Consumer Electronics Market Stabilizing Next Year
Portfolio Pulse from Lekha Gupta
Best Buy Co Inc (NYSE:BBY) reported Q2 FY24 sales of $9.58 billion, beating the analyst consensus estimate of $9.52 billion. However, domestic and international revenues decreased by 7.1% and 8.8% Y/Y respectively. The company's gross profit fell to $2.2 billion from $2.3 billion a year ago. The company returned $79 million to shareholders through share repurchases and authorized a dividend of $0.92 per share. For FY24, the company revised its revenue guidance to $43.80 billion-$44.50 billion and tightened the adjusted EPS outlook to $6.00-$6.40.
August 29, 2023 | 1:17 pm
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Best Buy reported better than expected Q2 FY24 sales but saw a decrease in revenues and gross profit. The company returned capital to shareholders through dividends and share repurchases. It also revised its FY24 revenue guidance and tightened its EPS outlook.
Best Buy's better than expected sales could have a positive impact on its stock. However, the decrease in revenues and gross profit, along with the revised guidance, could offset this positive impact. The return of capital to shareholders through dividends and share repurchases is generally viewed positively by the market.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100