Best Buy said revenue for fiscal 2024 was $43.5 billion, including approximately $735 million from the 53rd week. The company said comparable sales declined 6.8%, citing high inflation and the pull-forward of demand in prior years among the macroeconomic pressures on the consumer electronics industry.

10-KAnnual reportFiled Mar 15, 2024Period of report Feb 3, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

Best Buy said revenue for fiscal 2024 was $43.5 billion, including approximately $735 million from the 53rd week. The company said comparable sales declined 6.8%, citing high inflation and the pull-forward of demand in prior years among the macroeconomic pressures on the consumer electronics industry.
The company said Domestic revenue was $40.1 billion and online revenue of $13.1 billion decreased 7.8% on a comparable basis. It said Appliances comparable sales declined 15.1%, while Entertainment comparable sales rose 9.7%, driven by gaming hardware.
The company said the restructuring charges in Domestic and International, tied to the enterprise-wide initiative that commenced in the fourth quarter of fiscal 2024, consisted mainly of employee termination benefits. It said it closed 24 large-format stores in fiscal 2024 and expects to close approximately 10 to 15 Best Buy stores in fiscal 2025. Quarter placeholder Q4 is used for the quarter.
The company said it expects to spend approximately $350 million on share repurchases in fiscal 2025, and that it announced a quarterly cash dividend increase of 2% to $0.94 per share on February 29, 2024. As of February 3, 2024, there were no borrowings outstanding under the $1.25 billion credit facility.

Key figures

Fiscal year ended February 3, 2024

Revenue: $43.5B
Operating income: $1.6B
Net income: $1.2B
EPS: $5.68
Gross profit: $9.6B
Operating cash flow: $1.5B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Annual Revenue and Comparable Sales Decline

Best Buy said revenue for fiscal 2024 was $43.5 billion, including approximately $735 million from the 53rd week. The company said comparable sales declined 6.8%, citing high inflation and the pull-forward of demand in prior years among the macroeconomic pressures on the consumer electronics industry.

Source · Based on the MD&A text of the filing

Domestic Comparable Sales by Category

The company said Domestic revenue was $40.1 billion and online revenue of $13.1 billion decreased 7.8% on a comparable basis. It said Appliances comparable sales declined 15.1%, while Entertainment comparable sales rose 9.7%, driven by gaming hardware.

Source · Based on the MD&A text of the filing

Restructuring Plan and Store Closures

The company said the restructuring charges in Domestic and International, tied to the enterprise-wide initiative that commenced in the fourth quarter of fiscal 2024, consisted mainly of employee termination benefits. It said it closed 24 large-format stores in fiscal 2024 and expects to close approximately 10 to 15 Best Buy stores in fiscal 2025. Quarter placeholder Q4 is used for the quarter.

Source · Based on the MD&A text of the filing

Shareholder Returns and Credit Facility

The company said it expects to spend approximately $350 million on share repurchases in fiscal 2025, and that it announced a quarterly cash dividend increase of 2% to $0.94 per share on February 29, 2024. As of February 3, 2024, there were no borrowings outstanding under the $1.25 billion credit facility.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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