Bargain-Hunting: Best Buy's Premium Membership Gets a Price Cut and New Budget Option

Anusuya Lahiri
1 min read
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In this article:

  • Best Buy Co, Inc (NYSE: BBY) shares are trading lower Thursday after it slashed the price of its top-level membership plan by $20 and launched a cheaper option for buyers seeking convenience.

  • The company's My Best Buy Total, built for customers seeking protection and support, will be $179.99 annually from June 27.

  • The top-tier plan retained comprehensive product protection, extended returns, enhanced free shipping, and price discounts.

  • The American consumer electronics retailer introduced the My Best Buy plan, $49.99 annually, for its existing membership plan built for customers who want convenience. The program includes free 2-day shipping with no minimum purchase.

  • In March, the retailer clocked a fourth-quarter FY23 revenue decline of 10% year-on-year to $14.735 billion, topping the consensus of $14.720 billion. Adjusted EPS of $2.61 beat the consensus of $2.11.

  • Domestic revenue decreased 9.8% Y/Y, and International revenue fell 12.2%. Enterprise comparable sales declined by 9.3%.

  • The gross margin was firm at 20%.

  • The company issued a below consensus FY24 outlook, citing broader macro headwinds.

  • Price Action: BBY shares traded lower by 0.75% at $71.65 on the last check Thursday.

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This article Bargain-Hunting: Best Buy's Premium Membership Gets a Price Cut and New Budget Option originally appeared on Benzinga.com

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