Fri, Jun 7, 8:20 PM (286 days ago)
Best Buy Co., Inc.'s Form 10-Q for the quarter ended May 4, 2024, highlights a 6.5% decline in revenue to $8.8 billion compared to the same period last year. The company's gross profit decreased to $2.06 billion, with a gross profit margin of 23.3%. Operating income remained steady at $312 million, with net earnings of $246 million, translating to diluted earnings per share of $1.13. The Domestic segment saw a 6.8% revenue decline, driven by drops in appliance, home theater, gaming, and mobile phone sales, partially offset by growth in services and laptops. The International segment experienced a 3.3% revenue decline, primarily due to lower gaming sales. Cash flow from operations improved to $156 million, while cash and cash equivalents decreased to $1.2 billion, primarily due to inventory purchases, dividend payments, and capital expenditures. Best Buy executed $52 million in share repurchases and paid $202 million in dividends. The company anticipates total share repurchases of approximately $350 million for fiscal 2025. Overall, Best Buy is navigating a challenging macroeconomic environment with strategic focus on customer experience, operational efficiency, and disciplined capital allocation.