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Best Buy Co. Inc. (BBY) has filed its 10-Q filing for the quarterly period ended November 2, 2024.
The filing reports revenue of $9.4 billion for the third quarter, a decline of 3.2% compared to the same period last year. The decrease is attributed to reduced sales in the appliances, home theater, and gaming categories, although there was growth in computing, tablets, and services.
The company's gross profit for the quarter was $2.217 billion, representing 23.5% of revenue, an increase from 22.9% in the same quarter the previous year. This improvement was primarily due to better performance in the services category.
Selling, general, and administrative expenses were $1.871 billion, or 19.8% of revenue, compared to 19.2% in the same quarter last year. The increase in the expense ratio is due to lower sales volume.
Net earnings for the quarter were $273 million, with diluted earnings per share of $1.26, compared to $263 million and $1.21 per share in the previous year.
The company repurchased 1.4 million shares during the quarter at an average price of $95.43 per share, totaling $135 million. As of November 2, 2024, $3.5 billion remained available under the share repurchase authorization.
Best Buy's cash and cash equivalents totaled $643 million as of November 2, 2024, down from $1.447 billion at the beginning of the fiscal year. The decrease is primarily due to dividend payments and capital expenditures.
The company reported a restructuring charge of $4 million for the quarter, related to employee termination benefits and adjustments from higher-than-expected employee retention.
Best Buy's domestic segment revenue was $8.697 billion for the quarter, a 3.3% decrease from the previous year, while international segment revenue was $748 million, a 1.6% decrease.
The filing also discusses the company's strategic priorities, including improving customer experiences, driving operational efficiency, and exploring new revenue streams.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Best Buy Co. Inc. quarterly 10-Q report dated December 6, 2024. To report an error, please email earnings@qz.com.