Tue Nov 26 13:10:00 UTC 2024: **Best Buy Reports Softer-Than-Expected Q3 Results, Maintains Full-Year Outlook**

**Minneapolis, MN – November 26, 2024** – Best Buy Co., Inc. (NYSE: BBY) today announced its third-quarter fiscal year 2025 (FY25) results, revealing softer-than-anticipated sales due to macroeconomic uncertainty, customers delaying purchases, and election-related distractions. While GAAP diluted earnings per share (EPS) rose 4% to $1.26, non-GAAP diluted EPS dipped 2% to $1.26.

CEO Corie Barry attributed the lower-than-expected demand to a combination of factors impacting the second half of the quarter. However, she expressed optimism for the upcoming holiday season, citing compelling deals and a strong in-store and digital presence. Barry noted that consumers remain focused on value and sales events but are still willing to spend on high-ticket items, particularly when driven by new technology.

CFO Matt Bilunas announced an adjustment to the full-year comparable sales guidance, now projecting a decline of 2.5% to 3.5% compared to the previous forecast of a 1.5% to 3% decrease. Despite the sales revision, Best Buy maintained its full-year non-GAAP operating income rate guidance of 4.1% to 4.2%. The company expects flat to down 3% comparable sales in Q4 FY25, with a non-GAAP operating income rate of 4.6% to 4.8%.

Best Buy’s Q3 domestic revenue decreased 3.3%, primarily driven by a 2.8% comparable sales decline. Appliances, home theater, and gaming experienced the most significant drops, although growth in computing and tablets partially offset these losses. International revenue also saw a decrease of 1.6%.

The company returned $339 million to shareholders in Q3 through dividends and share repurchases and announced a regular quarterly cash dividend of $0.94 per share. Best Buy anticipates approximately $500 million in share repurchases for FY25. A full earnings conference call is scheduled for 8:00 a.m. ET on November 26, 2024.

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