Best Buy (BBY) reported Q3 EPS of $1.38, $0.35 better than the analyst estimate of $1.03. Revenue for the quarter came in at $10.59 billion versus the consensus estimate of $10.32 billion.
FY23 Financial Guidance:
“We are updating our FY23 outlook to flow through our better-than-expected Q3 results while keeping our Q4 expectations unchanged,” said Matt Bilunas, Best Buy CFO. “We now expect comparable sales to decline approximately 10% and our non-GAAP operating income rate2 to be slightly higher than 4.0%.”
Bilunas added, “From a capital allocation perspective, we resumed share repurchases in November after pausing during Q2 and now expect to spend approximately $1 billion in share repurchases this year.”