Best Buy Narrows FY24 Non-GAAP EPS Guidance

(RTTNews) - 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.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com