Average Delivery Time Across Postal Service Network Remains Stable

Best Buy Co., Inc. announced results for the second quarter ended July 29, 2017 (“Q2 FY18”), as compared to the second quarter ended July 30, 2016 (“Q2 FY17”). The company reported GAAP diluted earnings per share from continuing operations of $0.67, an increase of 20% from $0.56 in Q2 FY17. Non-GAAP diluted earnings per share from continuing operations were $0.69, an increase of 21% from $0.57 in Q2 FY17. “We are pleased today to report strong top and bottom line growth for the second quarter of fiscal 2018,” said Hubert Joly, Best Buy chairman and CEO. “Our higher-than-expected comparable sales of 5.4% were driven by stronger consumer demand for technology products and by the strong execution of our strategy. Against a backdrop of continued healthy consumer confidence, we believe broad-based product innovation is resonating with consumers and driving higher spend. And, with our effective merchandising and marketing activities, combined with our expert advice and service available online, in-store and in-home – we are garnering an increasing share of those dollars.” Click Read More below for additional detail.

Are you interested in sending children and families some holiday magic this season? You can now adopt a letter written to Santa by going to USPSOperationSanta.com. In response to customer requests, this is the first time the U.S. Postal Service has opened the program before Black Friday. USPS Operation Santa turns 111 years old this year. The program relies solely on random acts of kindness and the generosity of strangers. It allows people to help children and families have a magical holiday when they otherwise might not — safely and securely. USPS Operation Santa is not a guaranteed gift-giving program. Since Sept. 18, the Postal Service has received letters from across the country and has been delivering them to Santa’s U.S. workshop at 123 Elf Road, North Pole 88888. Letters sent with First-Class Mail postage and complete, accurate and legible return addresses have been opened, reviewed and posted on USPSOperationSanta.com. People can begin reading and adopting letters today.

*Operating cash flow decreased 40% to $35.6 billion for the trailing twelve months, compared with $59.3 billion for the trailing twelve months ended June 30, 2021. *Free cash flow decreased to an outflow of $23.5 billion for the trailing twelve months, compared with an inflow of $12.1 billion for the trailing twelve months ended June 30, 2021. *Net sales increased 7% to $121.2 billion in the second quarter, compared with $113.1 billion in second quarter 2021. Excluding the $3.6 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 10% compared with second quarter 2021. *Operating income decreased to $3.3 billion in the second quarter, compared with $7.7 billion in second quarter 2021. *Net loss was $2.0 billion in the second quarter, or $0.20 per diluted share, compared with net income of $7.8 billion, or $0.76 per diluted share, in second quarter 2021. Second quarter 2022 net loss includes a pre-tax valuation loss of $3.9 billion included in non-operating expense from our common stock investment in Rivian Automotive, Inc.