Comparable Sales Declined 10.1%
GAAP Diluted EPS of $1.11
Non-GAAP Diluted EPS of $1.15
FY24 Financial Guidance Remains Unchanged
MINNEAPOLIS, May 25, 2023 — Best Buy Co., Inc. (NYSE: BBY) today announced results for the 13-week first quarter ended April 29, 2023 (“Q1 FY24”), as compared to the 13-week first quarter ended April 30, 2022 (“Q1 FY23”).
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| Q1 FY24 | Q1 FY23 | |
| Revenue ($ in millions) | ||
| Enterprise | $9,467 | $10,647 |
| Domestic segment | $8,801 | $9,894 |
| International segment | $666 | $753 |
| Enterprise comparable sales % change1 | (10.1)% | (8.0)% |
| Domestic comparable sales % change1 | (10.4)% | (8.5)% |
| Domestic comparable online sales % change1 | (12.1)% | (14.9)% |
| International comparable sales % change1 | (5.5)% | (1.4)% |
| Operating Income | ||
| GAAP operating income as a % of revenue | 3.3% | 4.3% |
| Non-GAAP operating income as a % of revenue | 3.4% | 4.6% |
| Diluted Earnings per Share (“EPS”) | ||
| GAAP diluted EPS | $1.11 | $1.49 |
| Non-GAAP diluted EPS | $1.15 | $1.57 |
For GAAP to non-GAAP reconciliations of the measures referred to in the above table, please refer to the attached supporting schedule.
