Best Buy (BBY) Tops Q3 EPS by 35c

Best Buy (NYSE: 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.”

For earnings history and earnings-related data on Best Buy (BBY) click here.

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