Best Buy Third Quarter 2023 Earnings: Beats Expectations

Best Buy (NYSE:BBY) Third Quarter 2023 Results

Key Financial Results

  • Revenue: US$10.6b (down 11% from 3Q 2022).
  • Net income: US$277.0m (down 45% from 3Q 2022).
  • Profit margin: 2.6% (down from 4.2% in 3Q 2022). The decrease in margin was driven by lower revenue.
  • EPS: US$1.23 (down from US$2.03 in 3Q 2022).
earnings and revenue growth
NYSE:BBY Earnings and Revenue Growth November 23rd 2022

All figures shown in the chart above are for the trailing 12 month (TTM) period

Best Buy Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) also surpassed analyst estimates by 19%.

Looking ahead, revenue is forecast to grow 1.7% pa on average during the next 3 years, compared to a 5.9% growth forecast for the Specialty Retail industry in the US.

Performance of the American specialty retail industry.

The company’s shares are up 5.7% from a week ago.

Risk Analysis

Don’t forget that there may still be risks. For instance, we’ve identified 2 warning signs for Best Buy that you should be aware of.

Valuation is complex, but we’re helping make it simple.

Find out whether BestBuy is potentially over or undervalued by checking out our comprehensive analysis, which includes fair value estimates, risks and warnings, dividends, insider transactions and financial health.

View the Free Analysis

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button