Best Buy Narrows FY24 Non-GAAP EPS Guidance

While announcing its second-quarter results, Best Buy Co., Inc. (BBY) said it narrowed its fiscal year 2024 non-GAAP earnings per share guidance. The company expects its third quarter comparable sales to be slightly better than the negative 6.2% it reported for the second quarter and its non-GAAP operating income rate to be approximately 3.4%.

The company lowered the high-end of its full year revenue outlook to its previous midpoint, while keeping the low-end of its revenue guidance unchanged.

In Tuesday pre-market trade, BBY was trading at $74.84 up $0.77 or 1.04%.

The company now expects non-GAAP earnings for fiscal year 2024 to be in the range of $6.00 to $6.40, compared to the prior guidance of $5.70 to $6.50. Analysts polled by Thomson Reuters expect the company to report earnings of $6.08 per share for fiscal year 2024. Analysts’ estimates typically exclude special items.

The company now projects annual revenue to be between $43.8 billion and $44.5 billion, compared to the prior guidance of $43.8 billion to $45.2 billion. Analysts expect revenue of $44.3 billion for the fiscal year.

The company now anticipates annual comparable sales decline of 4.5% to 6.0%, which compares to prior guidance of a decline of 3.0% to 6.0%.

The company said that its board has authorized the payment of a regular quarterly cash dividend of $0.92 per common share. The quarterly dividend is payable on October 10, 2023, to shareholders of record as of the close of business on September 19, 2023.

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