(Best Buy) Best Buy announced adjusted earnings per share of $1.57 in the first quarter of 2023, surpassing estimates of $1.56 per share. The earnings were below $2.23 in the prior year.
The retailer generated a revenue of $10.65 billion in the first quarter, but lower than $11.64 billion in the prior year. The revenue was higher than estimates of $10.43 billion. The company said that its comparable sales fell by 8.0%, compared to an increase of 37.2% in the prior year.
Best Buy booked net earnings of $341 million in the first quarter of the year, a decline from $595 million in the prior year.
Best Buy is now projecting total revenue of $48.3 billion to $49.9 billion in FY23, which is lower than the previous guidance of between $49.3 billion and $50.8 billion. Comparable sales are expected to fall by 3.0% to 6.0%, higher than the previous outlook of a fall of 1.0% to 4.0%.
The retailer projects a non-GAAP diluted EPS of between $8.40 to $9.00, compared to previous guidance of $8.85 to $9.15.
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