Best Buy announced its third-quarter FY2025 results, highlighting a decline in both revenue and earnings compared to expectations.
Decline in Revenue and Sales
Best Buy reported total revenue of $9.445 billion, down from $9.756 billion a year earlier. This decrease was primarily driven by a 2.9% drop in enterprise comparable sales.
Reasons for Missing Expectations
Best Buy's figures fell short of market expectations, with analysts forecasting an EPS of $1.30 and revenue of $9.64 billion, against the actual $1.26 EPS and $9.445 billion revenue. The company cited macroeconomic uncertainties and political climate as impacting factors.
Adjusted Financial Guidance
Best Buy revised its financial guidance for the fiscal year 2025, expecting a decline in comparable sales between 2.5% to 3.5% and maintaining its non-GAAP operating income rate guidance at 4.1% to 4.2%.
Despite challenging economic conditions, Best Buy aims to sustain profitability through cost management and margin improvement.
