BBY - Why Consumer Electronics Retailer Best Buy Shares Are Dropping Today | Benzinga
Best Buy Co Inc (NYSE: BBY) shares are trading lower after the company reported third-quarter FY24 earnings and slashed the guidance.
BBY reported a third-quarter FY24 sales decline of 7.8% year-on-year to $9.76 billion, missing the analyst consensus estimate of $9.91 billion.
Domestic revenue decreased 8.2% Y/Y, and International revenue fell 3.4%. Enterprise comparable sales decreased 6.9%.
Gross profit fell 4.3% Y/Y to $2.2 billion, with the margin expanding 90 basis points to 22.9%. Operating income as a percentage of revenue expanded 20 basis points to 3.6%. Operating income for the quarter fell 3% to $354 million.