Best Buy Reports Better-Than-Expected Third Quarter Results

“We delivered record Q3 results, including 2% Domestic comparable sales on top of 22.6% last year, as our leaders continued to drive new ways of operating and our employees continued to do amazing things to support our customer’s technology needs in knowledgeable, fast and convenient ways,” said Corie Barry, Best Buy CEO. “Our omnichannel capabilities and our ability to inspire and support across all of technology in a way no one else can means we are uniquely positioned to seize the opportunity in this environment and in the future.”

“More people continue to sustainably work, entertain, cook and connect at home, and while customers are returning to stores, digital sales were still more than double pre-pandemic levels, and phone, chat and in-home sales continued to grow,” Barry continued. “During the third quarter, we reached our fastest small-package online shipping times ever as our same-day delivery was up 400% and we nearly doubled the percent of products delivered within one day compared to last year.”

“We are looking forward to a strong holiday season and believe we are extremely well-positioned with both the tech customers want and fast and convenient ways to get it,” said Matt Bilunas, Best Buy CFO. “We are committed to driving initiatives that will deliver future growth and our Q4 outlook reflects continued investments in our new membership program, technology, advertising and our health strategy.”

Domestic revenue of $10.99 billion increased 1.2% versus last year. The increase was primarily driven by comparable sales growth of 2.0%, which was partially offset by the loss of revenue from permanent store closures in the past year.

Domestic GAAP SG&A was $1.96 billion, or 17.9% of revenue, versus $1.95 billion, or 18.0% of revenue, last year.

International revenue of $925 million decreased 7.8% versus last year. This decrease was primarily driven by the loss of revenue from exiting Mexico and a comparable sales decline of 3.0% in Canada. These items were partially offset by the benefit of approximately 450 basis points of favorable foreign currency exchange rates.

International GAAP gross profit rate was 25.0% versus 19.0% last year. On a non-GAAP basis, the gross profit rate was 25.0% versus 22.6% last year.
details at: https://investors.bestbuy.com/investor-relations/news-and-events/financial-releases/news-details/2021/Best-Buy-Reports-Better-Than-Expected-Third-Quarter-Results/default.aspx

Related Posts

Pre® Brands Continues to Surge, Answering National Demand with New Direct-to-Consumer Platform

Pre®Brands, purveyors of the world's best grass-fed beef, has launched an e-commerce store to sell its premium, hand-trimmed 100% grass-fed and finished steaks and ground beef to eager consumers across America. Pre®prides itself in maintaining the highest quality standards for all of its products, in order to bring discerning shoppers the best beef nature provides. And consumers have noticed – since its start in 2015, Pre®has been America's fastest growing beef brand*. Two years later, Pre®'s expanding in-store retail presence, largely in the Midwest, hasn't kept up with burgeoning national consumer demand – a need e-commerce will help meet. Pre® can now be purchased online at www.eatpre.com. Click Read More below for additional information.

Costs Cut into Profits at Big Publishers (publishersweekly.com)

Simon & Schuster was the only one of the country’s four largest trade publishers to show an improved profit margin in the first half of 2023 compared to last year. In reporting Penguin Random House’s first-half results last week, where sales rose 9.5% but profits were up less than 1%, interim global CEO Nihar Malaviya told employees the small earnings increase “should come as no surprise, as industry inflationary cost pressures and increased costs across our businesses have continued to impact us.” HarperCollins CEO Brian Murray noted earlier that in addition to higher manufacturing, freight, and distribution costs, the industry has faced macroeconomic headwinds that he hasn’t seen since the Great Recession of 2008. Profits fell 19.7% at Lagardère Publishing despite a 2.5% increase in six-month sales. In addition to inflationary pressures, Lagardère cited increased costs incurred on “transformation projects in France” as the reason for the earnings decline.

SHAPE Magazine Debuts Redesign With May 2018 Issue

Incorporating both new editorial content and an elevated look and feel, the new SHAPE provides the service that today's woman desires: beauty and style advice that adapts to her busy life; ways to discover the joys of healthy and delicious eating; relatable tips for health and relationships; and innovative ways to keep her body strong and fit. The May 2018 issue, featuring actress Kate Mara on the cover, hits newsstands April 17. SHAPE Editor in Chief Elizabeth Goodman Artis led the reimagination of this iconic brand. "Today women want what we call the well-lived life, a more holistic approach to health and happiness," Goodman Artis said. "They know that nurturing one part of life feeds and refreshes another. We want SHAPE to reflect this philosophy." Click Read More below for additional information.
Back To Top
×Close search
Search