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Best Buy(BBY) - 2025 Q1 - Quarterly Results
BBYBest Buy(BBY)2024-05-30 11:00

Financial Performance - Total revenue for Q1 FY25 was 8.847billion,adecreaseof6.58.847 billion, a decrease of 6.5% compared to 9.467 billion in Q1 FY24[3][22] - Net earnings for the three months ended May 4, 2024, were 246million,slightlyupfrom246 million, slightly up from 244 million in the same period last year[26] - Net earnings for the period ending May 4, 2024, were 1,243million,comparedto1,243 million, compared to 1,322 million for the previous year[36] - Operating income for the latest period was 1,575million,comparedto1,575 million, compared to 1,644 million previously[36] - Adjusted operating income after tax for the latest period was 2,962million,slightlydownfrom2,962 million, slightly down from 3,005 million[36] Sales and Revenue Trends - Comparable sales declined by 6.1% in Q1 FY25, with domestic comparable sales down 6.3% and international comparable sales down 3.3%[3][6][10] - Domestic segment revenue decreased by 6.3% to 8,203million,whileinternationalsegmentrevenuefellby3.38,203 million, while international segment revenue fell by 3.3% to 644 million[28] - International revenue decreased by 3.3% to 644million,withagrossprofitrateof22.8644 million, with a gross profit rate of 22.8%[10][11] - Comparable sales for the domestic segment declined by 6.3%, with online sales down by 6.1%[28] Earnings Per Share - GAAP diluted EPS increased by 2% to 1.13, while non-GAAP diluted EPS increased by 4% to 1.20[1][22]−Non−GAAPdilutedEPSforthequarterwas1.20[1][22] - Non-GAAP diluted EPS for the quarter was 1.20, compared to 1.15inthesamequarterlastyear[33]−FY25non−GAAPdilutedEPSguidanceremainsunchangedatarangeof1.15 in the same quarter last year[33] - FY25 non-GAAP diluted EPS guidance remains unchanged at a range of 5.75 to 6.20[1][5] Cost Management - Domestic SG&A expenses decreased to 1.60 billion, or 19.5% of revenue, compared to 1.71billion,or19.41.71 billion, or 19.4% of revenue, last year[9] - Domestic gross profit rate improved to 23.4% from 22.6% last year, driven by better performance in services[8] - Gross profit margin for the domestic segment improved to 23.4% from 22.6% year-over-year[28] Cash Flow and Shareholder Returns - Total cash provided by operating activities was 156 million, a significant recovery from a cash usage of 331millionintheprioryear[26]−Cash,cashequivalents,andrestrictedcashattheendoftheperiodwere331 million in the prior year[26] - Cash, cash equivalents, and restricted cash at the end of the period were 1,527 million, compared to 1,432millionayearago[26]−Thecompanyreturned1,432 million a year ago[26] - The company returned 252 million to shareholders in Q1 FY25 through dividends and share repurchases[14] - The company repurchased 50millionincommonstockduringthequarter,downfrom50 million in common stock during the quarter, down from 79 million in the previous year[26] Restructuring and Charges - The company incurred 15millioninrestructuringchargesinQ1FY25relatedtoanenterprise−widerestructuringinitiative[13]AssetManagement−Totalassetsincreasedto15 million in restructuring charges in Q1 FY25 related to an enterprise-wide restructuring initiative[13] Asset Management - Total assets increased to 14,752 million as of May 4, 2024, compared to 14,688millionayearearlier[24]−Totalassetsdecreasedto14,688 million a year earlier[24] - Total assets decreased to 15,909 million from 16,242million[36]−Averageinvestedoperatingassetsincreasedto16,242 million[36] - Average invested operating assets increased to 12,391 million from 12,235million[36]−Excesscashwasreportedat12,235 million[36] - Excess cash was reported at 330 million, up from $264 million[36] Return Metrics - Return on Assets (ROA) for May 4, 2024, is 7.8%, down from 8.1% on April 29, 2023[36] - Non-GAAP Return on Investment (ROI) decreased to 23.9% from 24.6% year-over-year[36]