Best Buy Company, Inc. - BBY STOCK NEWS

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.

Best Buy (NYSE: BBY) will announce its Q4 FY22 financial results on March 3, 2022, prior to market opening. A video webcast is scheduled from 8 a.m. EST to 10:30 a.m. EST, where the executive team will disclose quarterly results, strategic updates, and future financial targets. A Q&A session will follow the main presentation, allowing for further engagement. Investors can access the live event and its recording at www.investors.bestbuy.com.

Best Buy has selected Amazon Web Services (AWS) as its preferred cloud provider to enhance its digital offerings. This strategic partnership aims to accelerate Best Buy's cloud migration and innovation in customer experiences. AWS will provide cloud tech and training, supporting the hiring of 1,000 new technology employees, with an emphasis on diversity. The collaboration will enhance Best Buy's agile development model, enabling the company to respond quickly to evolving retail demands. Best Buy is committed to creating world-class digital experiences for its customers.

Best Buy has launched Best Buy Ads, an in-house media company designed to enhance customer product discovery through innovative advertising. With interactions occurring three billion times a year, Best Buy aims to leverage its deep customer insights for targeted messaging, ensuring it meets consumer needs effectively. The initiative also emphasizes diversity and inclusion, committing to spend nearly 10% of its annual media budget on BIPOC media by 2025 and creating career pathways for underrepresented groups in advertising.

The Board of Directors of Best Buy Co., Inc. (NYSE:BBY) has declared a quarterly cash dividend of $0.70 per share, set to be paid on January 4, 2022. This dividend is for shareholders on record as of December 14, 2021. As of October 30, 2021, the company had 243,762,453 shares outstanding.