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).
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.
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.
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