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Best Buy Flops on Q3 Numbers

Best Buy Co., Inc. (NYSE: BBY) shares decline sharply on the latest quarterly results. For the 13-week third quarter ended October 28, revenue totaled $9.8 billion, compared to $10.6 billion. Net earnings amounted to $263 million, compared to $277 million in the prior-year quarter. Earnings per share came in at $1.21, while last year showed EPS of $1.23.

“Today we are reporting better-than-expected profitability on slightly softer-than-expected revenue for the third quarter,” said Corie Barry, Best Buy CEO. “These results demonstrate our ongoing, strong operational execution as we navigate through the near-term sales pressure our industry has been experiencing for the past several quarters.”

“We are excited for the important holiday season and are prepared for a customer who is very deal-focused with promotions and deals for all budgets, new shopping experiences, an expanded product assortment, and fast and free fulfillment,” continued Barry. “I want to thank our associates for their resilience, determination, and relentless focus on our customers. I continue to be very proud of the way our teams are managing the business today and preparing for our future.”

Best Buy’s guidance for FY24, which includes 53 weeks, is the following: Revenue of $43.1 billion to $43.7 billion, which compares to prior guidance of $43.8 billion to $44.5 billion. Non-GAAP diluted EPS of $6.00 to $6.30, which compares to prior guidance of $6.00 to $6.40.

BBY shares dropped $3.62, or 5.3%, to begin Tuesday at $64.49.