Best Buy said consolidated revenue for the 13-week Q1 quarter ended May 4, 2024 was $8,847 million, down from $9,467 million a year earlier, and comparable sales fell 6.1%.

1. 01

   Best Buy said consolidated revenue for the 13-week Q1 quarter ended May 4, 2024 was $8,847 million, down from $9,467 million a year earlier, and comparable sales fell 6.1%.

2. 02

   The company said GAAP diluted EPS for Q1 was $1.13 (versus $1.11 a year earlier) and non-GAAP diluted EPS was $1.20 (versus $1.15), with GAAP operating margin at 3.5% and non-GAAP operating margin at 3.8%.

3. 03

   Best Buy outlined its FY25 revenue outlook of $41.3 billion to $42.6 billion and non-GAAP diluted EPS of $5.75 to $6.20. The company said it expects comparable sales to decline by about 3% and its non-GAAP operating income rate to be about 3.5% in Q2.

4. 04

   Best Buy said it returned a total of $252 million to shareholders in Q1, consisting of dividends of $202 million and share repurchases of $50 million. The company also said its board approved a regular quarterly cash dividend of $0.94 per common share.

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Original filing

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