Source: Zhitong Finance
Author: Zhuang Lijia
On May 24 (Tuesday), before the US stock market opened, Best Buy (BBY.US) announced its financial results for the first quarter of fiscal 2023. According to the financial report, the company’s Q1 revenue was US$10.647 billion, which was better than market expectations of US$10.43 billion, and US$11.637 billion in the same period last year, down 8.5% year-on-year; net profit was US$341 million, compared with US$595 million in the same period last year, A year-on-year decrease of 43%.
Basic earnings per share were $1.50, compared with $2.35 a year earlier; diluted earnings per share were $1.49, compared with $2.32 a year earlier. Adjusted diluted earnings per share came in at $1.57, missing consensus estimates of $1.61 and $2.23 a year earlier.
Gross profit was $2.353 billion, compared with $2.715 billion in the same period last year; gross profit margin was 22.1%, compared with 23.3% in the same period last year. Operating profit was $462 million; operating margin was 4.3%, compared to 6.6% a year earlier.
Corporate comparable sales fell 8.0%, up 37.2% over the same period last year; U.S. domestic comparable sales fell 8.5%, up 37.9% over the same period last year; U.S. domestic online comparable sales fell 14.9%, up 7.6% over the same period last year; international Comparable sales fell 1.4% after rising 27.8% a year earlier.
Divided by business, US domestic business revenue was US$9.894 billion, down 8.7% year-on-year; international business revenue was US$753 million, down 5.4% year-on-year.
The earnings report revealed that the company returned a total of $654 million to shareholders through $455 million in stock repurchases and a $199 million dividend in the first quarter, and its board of directors has authorized the payment of a quarterly cash dividend of $0.88 per common share, which will be Paid July 5, 2022.
Looking ahead, the company expects full-year fiscal 2023 revenue to be in the range of $48.3 billion to $49.9 billion, down from a previous forecast of $49.3 billion to $50.8 billion; comparable sales are expected to decline by 3% to 6%, compared to the previous forecast of $49.3 billion to $50.8 billion The forecast is for a decline of 1% to 4%. In addition, the company lowered its fiscal 2023 adjusted EPS forecast to $8.40 to $9.00, from $8.85 to $9.15 previously.
“Despite an expected slowdown in growth this year, we remain in a stronger fundamental position than we were before the pandemic from a revenue and operating profit perspective,” said Chief Executive Officer Corie Barry. He said the company Plan to increase promotional and supply chain spending in the future.
After the earnings report was released, as of press time, Best Buy’s U.S. stock market fell 1.57% to $71.45 on Tuesday.
edit/ping
This article is reprinted from: https://news.futunn.com/post/15821615?src=3&report_type=market&report_id=206506&futusource=news_headline_list
This site is for inclusion only, and the copyright belongs to the original author.