From CNBC:

Best Buy exceeded Wall Street’s revenue and earnings forecasts for the holiday quarter despite weak consumer electronics demand. The retailer expects revenue for the fiscal year to be between $41.3 billion and $42.6 billion, down from $43.45 billion in the previous year. The shorter fiscal year could impact sales but Best Buy anticipates industry sales stabilization ahead. (Words: 50)

In the fiscal fourth quarter of 2024, Best Buy reported adjusted earnings per share of $2.72 compared to the expected $2.52, and revenue of $14.65 billion versus the expected $14.56 billion. The company faced slower demand due to elevated pandemic sales. Best Buy experienced a 4.8% drop in comparable sales for the quarter, with a decline in products like appliances and mobile phones. (Words: 50)

Despite challenges like inflation-driven price increases, Best Buy posted a net income decline of 7% to $460 million in the fourth quarter. The company’s comparable sales fell by 4.8% overall, with a 5.1% decrease in U.S. comparable sales. Gaming drove strong sales in the holiday quarter, while online sales dropped by 4.8%. (Words: 50)

Best Buy’s stock is up nearly 2% for the year. The company’s board approved a 2% increase in the regular quarterly dividend to 94 cents per share. Shares closed at $79.68 on Wednesday, totaling a market value of $17.16 billion. Despite underperformance compared to the S&P 500, Best Buy remains focused on customer experience and operating income rate improvement. (Words: 50)



Read more at CNBC:: Best Buy (BBY) earnings Q4 2024