Best Buy Co Inc · Q2 2023 earnings

Briefing

Best Buy's Q2 2023 results were announced, with comparable sales declining and EPS decreasing compared to the previous year.

Best Buy reported a decrease in revenue and earnings per share for the second quarter of fiscal year 2023. Comparable sales declined by 12.1% compared to a strong growth of 19.6% in the same quarter last year. The company is focused on managing profitability and evolving its operating model in response to the challenging sales environment.

• Comparable sales decreased 12.1% versus 19.6% growth in Q2 FY22.
• GAAP diluted EPS was $1.35, down from $2.90 in the prior year.
• Non-GAAP diluted EPS was $1.54, compared to $2.98 in the prior year.
• The company commenced an enterprise-wide restructuring initiative to optimize its cost structure.

Headline financials

Revenue & EPS history

Best Buy anticipates a comparable sales decline in a range around 11% and a non-GAAP operating income rate of approximately 4% for fiscal year 2023. For Q3 FY23, the company expects comparable sales to decline slightly more than the 12.1% decline reported for Q2 FY23, and the year-over-year decline in the non-GAAP operating income rate to be very similar to, or slightly more than, the Q2 FY23 results.