5/24, 2:07 PM (Source: TeleTrader)
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Chart for: Best Buy Co Inc

Best Buy's Q1 revenue at $10.6B YoY

Best Buy Co. Inc. reported on Tuesday its revenue in the first quarter of fiscal 2023 landed at $10.6 billion, down from $11.6 billion, but above expectations. The company's diluted earnings per share (EPS) stood at $1.49 from the previous $2.32. Comparable company sales fell 8%, domestic sales decreased by 8.5%, and domestic comparable online sales dropped by 14.9%.

The retailer now sees revenues for FY23 between $48.3 billion and $49.9 billion, with a comparable sales decline of 3.0% to 6.0% compared to the prior outlook of 1.0% to 4.0%.

"Even with the expected slowdown this year, we continue to be in a fundamentally stronger position than we were before the pandemic from both a revenue and operating income rate perspective. We are confident in the strength of our business and excited about what lies ahead," said Corie Barry, Best Buy CEO.

Baha Breaking News (BBN) / JG