Best Buy (BBY) reported Q2 EPS of $1.54, $0.25 better than the analyst estimate of $1.29. Revenue for the quarter came in at $10.33 billion versus the consensus estimate of $10.29 billion.
FY23 Financial Guidance
Matt Bilunas, Best Buy CFO, said, “Our current FY23 planning assumptions for a comparable sales1 decline in a range around 11% and a non-GAAP operating income rate2 of approximately 4% are consistent with the update we provided in late July.”
Bilunas continued, “As it relates specifically to Q3 FY23, we anticipate that our comparable sales will decline slightly more than the 12.1% decline we reported for the second quarter. We anticipate the year-over-year decline in our non-GAAP operating income rate in Q3 FY23 will be very similar to, or slightly more than, our Q2 FY23 year-over-year results.”