Best Buy Q4 earnings beat estimates

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on Feb 29, 2024
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  • Best Buy reported its financial results for the fourth quarter today.
  • Here's what its CEO Corie Barry said in a press release on Thursday.
  • Best Buy stock is now up more than 30% versus its low in November.

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Best Buy Co Inc (NYSE: BBY) is trading up in premarket on Thursday after reporting better-than-expected financial results for the fourth quarter.

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Best Buy’s guidance for fiscal 2025

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Shareholders are cheering also because the management issued good enough guidance for the future. Best Buy now forecasts its revenue to fall between $41.3 billion and $42.6 billion in fiscal 2025.

Analysts, in comparison, were at $42.3 billion. Corie Barry – the chief executive of Best Buy Co Inc said in a press release today:

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.

The consumer electronics retailer expects up to $6.20 of adjusted per-share earnings this year. $BBY is now up more than 30% versus its low in early November.

Best Buy Q4 earnings snapshot

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  • Earned $460 million versus the year-ago $495 million
  • Per-share earnings also declined from $2.23 to $2.12
  • Adjusted EPS printed at $2.72 as per the earnings report
  • Revenue jumped % year-over-year to $14.64 billion
  • Consensus was $2.52 a share on $14.56 billion in revenue

Best Buy announced 94 cents a share of quarterly dividend on Thursday – up 2.0%. According to CEO Barry:

We grew our paid membership base and drove customer experience improvements in many areas of our business, particularly in services and delivery.

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