Best Buy Q3 earnings beats expectations

Best Buy Co., Inc. (NYSE: BBY) released its FY22 Q3 earnings call on Tuesday before the market opened. They reported Non-GAAP diluted EPS of $2.08 and raised sales growth outlook to a range of 10.5% to 11.5%.

The company’s Black Friday sales have started from November 21.

Key Highlights

  • Domestic Comparable Sales Increased 2.0% on Top of 22.6% Last Year
  • GAAP Diluted EPS Increased 35% to $2.00
  • Non-GAAP Diluted EPS Increased 1% to $2.08
  • Raises Full-Year Enterprise Comparable Sales Growth Outlook to a Range of 10.5% to 11.5%

Analysts Expectations

EPS – $1.93

Revenue –  $1.16 T Cr. 

Earnings History

Best Buy reported its last earnings call on August 24, 2021. They reported domestic revenue of $11.01 billion andInternational revenue of $838 million, which increased 20.6% and 7.2% respectively versus last year. The Q2 FY22 GAAP and non-GAAP effective tax rates were 8.0% and 8.4% respectively. It reported non-GAAP diluted EPS of $2.98, a 74.26% increase compared to last year, which is $1.71.

The company returned a total of $571 million to shareholders in Q2 FY22, with $396 million in share repurchases and $175 million in dividends. The corporation has returned a total of $1.7 billion to shareholders this year through $1.3 billion in share repurchases and $350 million in dividends.

Company Profile

Best Buy Co., Inc. is an American multinational consumer electronics retailer headquartered in Richfield, Minnesota. Originally founded by Richard M. Schulze and James Wheeler in 1966 as an audio specialty store called Sound of Music, it was rebranded under its current name with an emphasis on consumer electronics in 1983.

Best Buy is a Canadian retailer that previously operated in China until February 2011; when the faction merged with Five Star and Mexico until December 2020. Until 2012, the corporation also operated across Europe. 

Geek Squad, Magnolia Audio Video, and Pacific Sales are some of the company’s subsidiaries.

Related Posts