Best Buy Inc Stock Price, News & Analysis

The Board of Directors of Best Buy Co., Inc. (NYSE:BBY) has announced a regular quarterly cash dividend of $0.88 per share. This dividend will be payable on October 11, 2022, to shareholders on record as of September 20, 2022. As of July 30, 2022, the company had 225,065,760 common shares outstanding, indicating a solid commitment to returning value to shareholders.

Best Buy Co., Inc. (NYSE: BBY) reported Q2 FY23 results, revealing a 12.1% decline in comparable sales following a 19.6% growth in Q2 FY22. Total revenue fell to $10.33 billion from $11.85 billion year-over-year. GAAP diluted EPS decreased to $1.35 from $2.90. The company anticipates a comparable sales decline of around 11% for FY23. Despite challenges, Best Buy emphasizes its strong financial position and strategic initiatives to adapt to the shifting market.

Best Buy Co., Inc. (NYSE: BBY) announced its business updates for Q2 FY23, reflecting a decline in comparable sales expected to be around 13%. Despite a 7.5% increase in revenue compared to pre-pandemic levels, the results fall short of previous forecasts due to declining consumer demand amid high inflation. The company anticipates a non-GAAP operating income rate of approximately 3.7%, lower than earlier guidance. Best Buy plans to maintain its quarterly dividend of $0.88 per share while pausing share repurchases. Further updates will be provided with Q2 results on August 30, 2022.

The Board of Directors of Best Buy Co., Inc. (NYSE:BBY) has declared a quarterly cash dividend of $0.88 per share, payable on July 5, 2022. Shareholders on record as of June 14, 2022, will receive this dividend. As of April 30, 2022, the company had 224,621,941 shares outstanding, indicating a strong commitment to returning value to shareholders. This dividend highlights Best Buy's ongoing financial health and strategy to reward its investors.

Best Buy Co., Inc. (NYSE: BBY) reported a significant revenue decline in Q1 FY23, with total revenue of $10.6 billion, down from $11.6 billion in Q1 FY22. Comparable sales decreased by 8.0%, influenced by a slowdown in several product categories. GAAP diluted EPS stood at $1.49, a drop from $2.32 a year earlier. The company revised its FY23 guidance, predicting revenue between $48.3 billion and $49.9 billion, and a comparable sales decline of 3.0% to 6.0%. Shareholder returns included $654 million in share repurchases and dividends during the quarter.

Best Buy has launched a new Standalone Haul-Away service enabling customers to recycle their old tech directly from home, marking a significant step in their sustainability efforts. This service, available for $199.99, allows pick-up of up to two large items and various smaller electronics. Totaltech™ members receive a 20% discount on this service. Since 2009, Best Buy has recycled over 2 billion pounds of electronics, demonstrating its commitment to environmentally responsible practices.

The Board of Directors of Best Buy Co., Inc. (NYSE:BBY) has declared a regular quarterly cash dividend of $0.88 per common share. This dividend will be paid on April 14, 2022, to shareholders of record by the close of business on March 24, 2022. As of January 29, 2022, the company had 227,442,598 shares of common stock outstanding.

Best Buy Co., Inc. (NYSE: BBY) reported a 2.3% decline in Q4 comparable sales, down from 12.6% growth in Q4 FY21. The Q4 revenue totaled $16.4 billion, impacted by constrained inventory and reduced store hours due to Omicron. GAAP diluted EPS was $2.62, while non-GAAP diluted EPS was $2.73. For FY23, Best Buy expects diluted EPS between $8.85 and $9.15 and projects FY25 revenue of $53.5 billion to $56.5 billion. The company announced a 26% increase in its quarterly dividend to $0.88 per share.

Best Buy (NYSE: BBY) is set to present at the BofA Securities Consumer and Retail Technology Conference on March 8, 2022, at 8:50 a.m. Eastern Time. The event will be accessible via a live webcast at www.investors.bestbuy.com both live and post-event. For further inquiries, contact Mollie O’Brien for investors and Carly Charlson for media.