Best Buy Co., Inc
Quarterly domestic revenue of $8.20 billion decreased 6.8% year-over-year. Comparable sales fell 6.1%.
The company incurred $15 million of restructuring charges related to an enterprise-wide restructuring initiative in the quarter.
Domestic online revenue of $2.52 billion decreased 6.1% on a comparable basis.
The domestic gross profit rate was 23.4%, up from 22.6% last year, due to improved financial performance in the company's services category, including its membership offerings.
International revenue of $644 million decreased 3.3% versus last year.
The international gross profit rate was 22.8%, compared to 23.7% last year. The lower gross profit rate was primarily due to unfavorable product margin rates.
Dividend: The firm approved a regular quarterly dividend of $0.94 per share.
Corie Barry, Best Buy CEO, said, "The mix of macro factors continued to create a challenging sales environment for our category during the quarter, and our sales were slightly softer than our expectations."
"There is exciting new innovation ahead and we intend to strengthen our position in key categories like computing, home theater and major appliances through our differentiated experiences, pointed marketing spend and competitive pricing," Barry added.
Outlook: Best Buy reiterated the fiscal 2025 adjusted EPS outlook of $5.75-$6.20 versus the $6.02 estimate. The company maintained revenue of $41.3 billion-$42.6 billion versus the $42.01 billion estimate.
For the second quarter of fiscal 2025, the company expects comparable sales to decline by approximately 3% and the adjusted operating income rate to be approximately 3.5%.
Price Action: BBY shares were trading higher by 6.40% to $76.50 premarket at the last check on Thursday.
