LAST UPDATE 14:47
Best Buy announced comparable sales in the quarter that were lower than expected, mainly due to the shortages of some electronic products but also the lack of staff.
Comparable sales fell 2.3% in the fourth quarter to January 20, compared with analysts’ estimates for a fall of 0.2%.
The stock rose 1.6% in pre-conference trading as the electronics retailer announced quarterly earnings that exceeded estimates.
Net income was $ 626 million, or $ 2.62 per share, down from $ 816 million, or $ 3.10, a year earlier.
Adjusted earnings per share stood at $ 2.73 compared to estimates for $ 2.72.
Revenue was $ 16.365 billion, down from $ 13.937 billion last year and estimated at $ 16.598 billion.
Best Buy has increased its quarterly dividend by 26% to 88 cents per share.
For the year 2023, Best Buy expects revenue of $ 49.3-50.8 billion, with comparable sales falling 1-4% and adjusted earnings per share to $ 8.85-9.15.
Convergent estimates speak for $ 50.879 billion in revenue, a 1.4% drop in comparable sales and $ 9.29 per share.
For the year 2025, estimates speak of revenues of 53.5-56.5 billion dollars.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
