- Best Buy Co Inc BBY reported a fourth-quarter FY22 sales decline of 3.4% year-on-year, to $16.36 billion, missing the consensus of $16.59 billion.
- Domestic revenue fell 2.6%, primarily driven by a comparable sales decline of 2.1% and the loss of revenue from permanent store closures in the past year.
- International revenue declined 10.7%, reflecting the closure of Mexico in FY22 and a comparable sales decline of 3.8% in Canada.
- Enterprise comparable sales decreased 2.3% versus 12.6% growth last year.
- Gross profit fell 6.5% Y/Y to $3.3 billion, with the margin contracting 70 basis points to 20.2%.
- Operating income margin contracted 120 basis points to 4.9%. Operating income for the quarter fell 22.2% to $803 million.
- Non-GAAP EPS of $2.73 was in line with the consensus.
- Best Buy held $3.2 billion in cash and equivalents as of January 29, 2022. Cash provided by operating activities for twelve months totaled $3.3 billion.
- Best Buy raised the quarterly cash dividend by 26% to $0.88 from $0.70 per share, payable on April 14, 2022, to shareholders of record on March 24, 2022.
- In addition, the company’s board approved a new $5.0 billion share repurchase authorization, replacing the existing authorization dated February 2021, which had $1.6 billion remaining at FY22-end.
- Outlook: Best Buy sees FY23 revenue of $49.3 billion - $50.8 billion versus the consensus of $51.05 billion.
- Best Buy expects FY23 non-GAAP EPS of $8.85 - $9.15 versus the consensus of $9.16.
- The company anticipated FY25 enterprise sales of $53.5 billion - $56.5 billion.
- Price Action: BBY shares are trading higher by 4.15% at $105.04 on the last check Thursday.
Loading...
Loading...
BBYBest Buy Co Inc
$68.071.54%
Edge Rankings
Momentum
27.74
Growth
18.97
Quality
62.68
Value
61.10
Price Trend
Short
Medium
Long
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
