Best Buy Co., Inc. (NYSE: BBY) today announced results for the 13-week second quarter ended August 3, 2024 (“Q2 FY25”), as compared to the 13-week second quarter ended July 29, 2023 (“Q2 FY24”)
Q2 FY25
Q2 FY24
Revenue ($ in millions)
Enterprise
$9,288
$9,583
Domestic segment
$8,623
$8,890
International segment
$665
$693
Enterprise comparable sales % change1
(2.3)%
(6.2)%
Domestic comparable sales % change1
(2.3)%
(6.3)%
Domestic comparable online sales % change1
(1.6)%
(7.1)%
International comparable sales % change1
(1.8)%
(5.4)%
Operating Income
GAAP operating income as a % of revenue
4.1%
3.6%
Non-GAAP operating income as a % of revenue
4.1%
3.8%
Diluted Earnings per Share (“EPS”)
GAAP diluted EPS
$1.34
$1.25
Non-GAAP diluted EPS
$1.34
$1.22
“Today we are reporting better-than-expected sales and profitability results for the second quarter,” said Corie Barry, Best Buy CEO. “We delivered strong results in our Domestic tablet and computing categories, which together posted comparable sales growth of 6% versus last year. With our market position, expert sales associates and compelling merchandising, we capitalized on the demand driven by customers’ desire to replace or upgrade their products combined with new innovation.”
“We are focused on sharpening our customer experiences and industry positioning while expanding our non-GAAP operating income rate in the current environment,” Barry continued. “We see a consumer who is seeking value and sales events, and one who is also willing to spend on high price point products when they need to or when there is new compelling technology. We are balancing our optimism in both the industry and our positioning with a pragmatic approach to likely uneven customer behaviour going forward.”