Best Buy Jumps Over 12% as Q3 Earnings Top Estimates; Resumes Stock Buyback
Best Buy Jumps Over 12% as Q3 Earnings Top Estimates; Resumes Stock Buyback
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$Best Buy (BBY.US)$ reported a third-quarter FY23 sales decline of 11.1% year-on-year to $10.59 billion, beating the consensus of $10.31 billion.
Domestic revenue decreased 10.8% Y/Y, and International revenue fell 14.9%. Enterprise comparable sales decreased 10.4%.
Gross profit fell 16.8% Y/Y to $2.3 billion, with the margin contracting 150 basis points to 22%. Operating income as a percentage of revenue contracted 220 basis points to 3.4%. Operating income for the quarter fell 45.5% to $365 million.
Non-GAAP EPS of $1.38 beat the analyst consensus of $1.03.
Best Buy held $1.3 billion in cash and equivalents as of October 29, 2022. Cash used by operating activities for the nine months totaled $(108) million.
BBY's board of directors has authorized the payment of its regular quarterly cash dividend of $0.88 per common share, payable on January 3, 2023, to shareholders of record on December 13, 2022.
"We are updating our FY23 outlook to flow through our better-than-expected Q3 results while keeping our Q4 expectations unchanged," said Matt Bilunas, Best Buy CFO.
BBY said it resumed share repurchases in November after pausing during Q2 and now expects to spend approximately $1 billion in share repurchases this year.
Outlook: For FY23, the company expects comparable sales to decline by around 10% (prior view 11% decline).
It sees the adjusted operating margin to be slightly higher than 4% (prior view approximately 4%).
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$百思买 (BBY.US)$报告称,23财年第三季度销售额同比下降11.1%,至105.9亿美元,超出了103.1亿美元的共识。
国内收入同比下降10.8%,国际收入下降14.9%。企业可比销售额下降10.4%。
毛利润同比下降16.8%,至23亿美元,利润率下降150个基点,至22%。营业收入占收入的百分比收缩220个基点,至3.4%。该季度营业收入下降45.5%,至3.65亿美元。
非公认会计原则 每股收益为1.38美元,超过了分析师一致预期的1.03美元。
截至2022年10月29日,百思买持有13亿美元现金及现金等价物。前9个月经营活动使用的现金总额为1.08亿美元。
BBY董事会已授权向2022年12月13日登记在册的股东支付其定期季度现金股息,每股普通股0.88美元,于2023年1月3日支付。
百思买首席财务官马特·比卢纳斯(Matt Bilunas)表示:“我们正在更新对23财年的展望,以便在保持第四季度预期不变的同时,实现好于预期的第三季度业绩。”
BBY表示,在第二季度暂停后,该公司于去年11月恢复了股票回购,目前预计今年将在股票回购上花费约10亿美元。
展望:对于23财年,该公司预计可比销售额将下降约10%(之前的预期下降11%)。
该公司预计调整后的营业利润率略高于4%(之前的预期约为4%)。