NYSE$BBY
Best Buy Co Inc · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Best Buy reported better-than-expected profitability but slightly softer-than-expected revenue for Q3 2024.
Best Buy's Q3 2024 results revealed better-than-expected profitability despite a slight revenue decrease. The company's strong operational execution helped navigate near-term sales pressures. Due to uneven consumer demand, Best Buy lowered its annual revenue outlook, but the non-GAAP diluted EPS guidance midpoint is slightly higher than initial expectations.
- Q3 FY24 revenue was $9.756 billion, compared to $10.587 billion in Q3 FY23.
- GAAP diluted EPS was $1.21, while non-GAAP diluted EPS was $1.29.
- Domestic revenue decreased by 8.2% year-over-year, driven by a comparable sales decline of 7.3%.
- The company returned $313 million to shareholders through dividends and share repurchases.
Headline financials
Revenue & EPS history
Best Buy · Revenue · Quarterly
$9.76B
Revenue by segment
Best Buy · $9.76B total across 2 segments · Q3 2024
- Domestic segment$9B-8.2%92.2%
- International segment$760M-3.4%7.8%
Forward guidance
For the fourth quarter, Best Buy expects comparable sales to decline between 3.0% and 7.0%. The non-GAAP operating income rate is expected to be in the range of 4.7% to 5.0%, compared to 4.8% last year.
Tailwinds
- The midpoint of annual non-GAAP diluted EPS guidance is slightly higher than the midpoint of the original guidance.
- Prepared for a deal-focused customer with promotions and deals for all budgets.
- New shopping experiences are being introduced.
- Expanded product assortment is available.
- Fast and free fulfillment options are offered.
Headwinds
- Consumer demand has been uneven and difficult to predict.
- Annual revenue outlook has been lowered.
- Comparable sales are expected to decline in the range of 3.0% to 7.0% for Q4.
- Macro environment creates near-term sales pressure.
- Industry is experiencing sales pressure.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q3 2024
+0.8%
Avg return
Earnings day
+1.9%
Avg return
5 days after
+0.1%
Avg return
30 days after
51%
36 / 71 earnings
Positive
+20.4%
Q2 2016
Best reaction
-16.8%
Q3 2012
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2027 | — | — | — | |
| Q4 2026 | +13.3% | +8.3% | +4.7% | |
| Q3 2026 | +4.4% | +4.8% | -7.8% | |
| Q2 2026 | -3.8% | -1.3% | +0.9% | |
| Q1 2026 | -7.1% | -2.3% | -4.6% | |
| Q4 2025 | -13.3% | -8.5% | -28.3% | |
| Q3 2025 | -5.2% | -3.3% | -3.9% | |
| Q2 2025 | +14.4% | +15.0% | +16.5% | |
| Q1 2025 | +18.0% | +22.2% | +17.2% | |
| Q4 2024 | -2.2% | -4.7% | +2.9% | |
| Q3 2024 | -0.1% | +2.1% | +11.3% | |
| Q2 2024 | +2.5% | +1.6% | -7.0% | |
| Q1 2024 | +7.5% | +6.1% | +14.4% | |
| Q4 2023 | +0.9% | -0.3% | -5.2% | |
| Q3 2023 | +16.3% | +14.7% | +13.6% | |
| Q2 2023 | -4.1% | -3.5% | -11.7% | |
| Q1 2023 | +10.3% | +15.7% | -1.8% | |
| Q4 2022 | +5.2% | +0.3% | -10.4% | |
| Q2 2022 | +8.7% | +4.8% | -5.3% | |
| Q1 2022 | -0.6% | -1.8% | -3.3% | |
| Q4 2021 | -11.6% | -9.6% | +5.1% | |
| Q3 2021 | -6.7% | -7.7% | -16.0% | |
| Q2 2021 | -4.3% | -5.2% | -10.7% | |
| Q1 2021 | -5.7% | -2.5% | -0.4% | |
| Q4 2020 | -7.9% | -6.9% | -24.0% | |
| Q3 2020 | +8.7% | +8.6% | +18.3% | |
| Q2 2020 | -7.8% | -8.4% | -1.1% | |
| Q1 2020 | -4.7% | -5.5% | -2.4% | |
| Q4 2019 | +14.1% | +11.2% | +17.8% | |
| Q3 2019 | -0.2% | +0.6% | -19.0% | |
| Q2 2019 | -4.9% | -2.6% | -4.2% | |
| Q1 2019 | -9.9% | -10.2% | +0.4% | |
| Q4 2018 | +0.8% | +6.0% | -3.4% | |
| Q3 2018 | -2.6% | -2.2% | +14.0% | |
| Q2 2018 | -13.3% | -12.8% | -9.0% | |
| Q1 2018 | +17.0% | +17.6% | +9.4% | |
| Q4 2017 | +1.6% | -0.5% | +11.4% | |
| Q3 2017 | +10.7% | +15.2% | +16.2% | |
| Q2 2017 | +20.4% | +20.4% | +17.3% | |
| Q1 2017 | -2.8% | -2.9% | -7.8% | |
| Q4 2016 | +3.1% | — | — | |
| Q3 2016 | -2.6% | — | — | |
| Q2 2016 | +20.4% | — | — | |
| Q1 2016 | +1.6% | — | — | |
| Q4 2015 | +3.0% | — | — | |
| Q3 2015 | +7.0% | — | — | |
| Q2 2015 | -0.9% | — | — | |
| Q1 2015 | +6.5% | — | — | |
| Q4 2014 | -3.1% | — | — | |
| Q3 2014 | -11.1% | — | — | |
| Q2 2014 | +9.8% | — | — | |
| Q1 2014 | -4.3% | — | — | |
| Q4 2013 | +8.3% | — | — | |
| Q3 2013 | -15.9% | — | — | |
| Q2 2013 | -2.4% | — | — | |
| Q1 2013 | +2.2% | — | — | |
| Q4 2012 | -11.0% | — | — | |
| Q3 2012 | -16.8% | — | — | |
| Q2 2012 | -3.8% | — | — | |
| Q1 2012 | +5.5% | — | — | |
| Q4 2011 | +1.9% | — | — | |
| Q3 2011 | +0.6% | — | — | |
| Q2 2011 | +0.7% | — | — | |
| Q1 2010 | -0.2% | — | — | |
| Q1 2011 | -3.6% | — | — | |
| Q4 2010 | +2.6% | — | — | |
| Q4 2008 | +2.6% | — | — | |
| Q3 2010 | -2.4% | — | — | |
| Q3 2009 | -2.4% | — | — | |
| Q2 2010 | +0.9% | — | — | |
| Q2 2009 | +0.9% | — | — | |
| Q4 2009 | +0.9% | — | — |
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