Best Buy Q2: Tops Estimates, Tightens FY24 EPS Outlook, Sees Consumer Electronics Market Stabilizing Next Year

Benzinga ·  08/29 21:30  · Earnings

Best Buy Co Inc (NYSE:BBY) reported Q2 FY24 sales of $9.58 billion, beating the analyst consensus estimate of $9.52 billion. Domestic revenue decreased 7.1% Y/Y, and International revenue fell 8.8% Y/Y. Enterprise comparable sales decreased 6.2% Y/Y. Gross profit fell to $2.2 billion from $2.3 billion a year ago, with the margin expanding 110 basis points to 23.2%. Operating margin remained flat Y/Y at 3.6%. Operating income for the quarter fell to $348 million from $371 million a year ago. Adj. EPS of $1.22 beat the analyst consensus of $1.06. "Our financial results were better than expected, and they reflect a consumer electronics industry that remains challenged due to the

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