Best Buy reports fourth-quarter sales declined
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Best Buy Co., Inc. announced results for the 14-week fourth quarter ended Feb. 3, 2024 (“Q4 FY24”), as compared to the 13-week fourth quarter ended Jan. 28, 2023 (“Q4 FY23”). Comparable sales were down 8%.
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Q4 FY24 |
Q4 FY23 |
FY24 |
FY23 |
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(14 weeks) |
(13 weeks) |
(53 weeks) |
(52 weeks) |
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Revenue ($ in millions) |
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Enterprise |
$ |
14,646 |
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$ |
14,735 |
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$ |
43,452 |
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$ |
46,298 |
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Domestic segment |
$ |
13,410 |
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$ |
13,531 |
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$ |
40,097 |
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$ |
42,794 |
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International segment |
$ |
1,236 |
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$ |
1,204 |
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$ |
3,355 |
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$ |
3,504 |
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Enterprise comparable sales % change1 |
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(4.8) |
% |
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(9.3) |
% |
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(6.8) |
% |
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(9.9) |
% |
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Domestic comparable sales % change1 |
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(5.1) |
% |
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(9.6) |
% |
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(7.1) |
% |
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(10.3) |
% |
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Domestic comparable online sales % change1 |
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(4.8) |
% |
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(13.0) |
% |
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(7.8) |
% |
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(13.5) |
% |
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International comparable sales % change1 |
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(1.4) |
% |
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(5.7) |
% |
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(3.2) |
% |
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(5.4) |
% |
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Operating Income |
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GAAP operating income as a % of revenue |
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3.8 |
% |
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4.1 |
% |
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3.6 |
% |
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3.9 |
% |
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Non-GAAP operating income as a % of revenue |
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5.0 |
% |
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4.8 |
% |
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4.1 |
% |
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4.4 |
% |
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Diluted Earnings per Share (“EPS”) |
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GAAP diluted EPS |
$ |
2.12 |
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$ |
2.23 |
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$ |
5.68 |
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$ |
6.29 |
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Non-GAAP diluted EPS |
$ |
2.72 |
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$ |
2.61 |
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$ |
6.37 |
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$ |
7.08 |
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“I’m proud of the performance of our teams across the company as they showed resourcefulness, passion, and an unwavering focus on our customers this past year,” said Corie Barry, Best Buy CEO. “In the fourth quarter and throughout FY24, we demonstrated strong operational execution as we navigated a pressured consumer electronics sales environment. This allowed us to deliver annual profitability at the high end of our original guidance range even though sales came in below our original guidance range. Importantly, we grew our paid membership base and drove customer experience improvements in many areas of our business, particularly in services and delivery.”
“As we enter FY25, we are energized about delivering on our purpose to Enrich Lives through Technology in our vibrant, always changing industry,” continued Barry. “In what we expect to be a year of increasing industry sales stabilization, we are focused on sharpening our customer experiences and industry positioning while maintaining, if not expanding, our operating income rate on a 52-week basis.”