Best Buy has reported a 4% increase in adjusted EPS to $1.20 for its first accounting quarter, as well as a 0.4-point improvement in adjusted operating margin to 3.8%, on revenues of $8.85 billion, down 6.1% on a comparable basis.

"A combination of macroeconomic factors continued to create a challenging environment for sales", explains CEO Corie Barry, adding however that he had "continued to manage profitability while preparing for future growth".

For the current fiscal year, the consumer electronics chain confirms that it expects adjusted EPS of $5.75 to $6.20, an adjusted operating margin of 3.9 to 4.1%, and revenues of $41.3 to $42.6 billion (with a like-for-like decline of 3 to 0%).

Copyright (c) 2024 CercleFinance.com. All rights reserved.