BBY announced a cash dividend of 0.92 with an ex-date of Jun. 14, 2023
|Bid||72.87 x 900|
|Ask||73.32 x 1400|
|Day's Range||73.10 - 74.27|
|52 Week Range||60.79 - 93.32|
|Beta (5Y Monthly)||1.52|
|PE Ratio (TTM)||12.39|
|Earnings Date||Aug 28, 2023 - Sep 01, 2023|
|Forward Dividend & Yield||3.68 (5.05%)|
|Ex-Dividend Date||Jun 14, 2023|
|1y Target Est||79.18|
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Best Buy (NYSE: BBY) is still suffering from a painful growth hangover following surging demand through the worst of the pandemic. The retailer's late May sales update met management's conservative targets, but Wall Street wasn't excited to see a double-digit revenue slump as shoppers tilted spending away from consumer electronics. The company announced on May 25 that comparable-store sales fell 10% in the selling period that ended in late April.
The gaze of investors now turns to what the Federal Reserve may do in a few short weeks.
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Best Buy's (NYSE: BBY) stock ticked up by 3% after the company delivered its latest earnings report. Best Buy's growth rates seem sluggish, but they cleared Wall Street's low bar, which had been adjusted to account for the near-term macroeconomic headwinds. Best Buy experienced a major growth spurt during the first couple of years of the pandemic as consumers bought new PCs to attend online classes, work remotely, and play graphically intensive video games.
Best Buy is that rare tech retailer that has managed to survive the onslaught from online competitors, as consumers still want to see what it is they're buying in person. "We've been seeing a consumer who is, whether or not you call it a recession, exhibiting some recessionary behaviors," said Best Buy chief executive officer Corie Barry, on a May 25th conference call with analysts. "So we're going to have now two consecutive years of a consumer who's making some choices away from consumer electronics," she added. On the upside, Barry says that U.S. households will finally begin reinvesting in tech toys as the economy brightens toward year-end and as newer, more innovative technology phones, computers, earbuds, and televisions hit the market.
Over the past decade, consumer electronics retailer Best Buy (NYSE: BBY) made some critical changes that have prepared it for the tough environment it now finds itself in. Best Buy is now a nimble retailer, and that nimbleness was on display in the first quarter. Demand for nearly everything Best Buy sells is tumbling amid sky-high inflation and an economy that looks headed toward a recession.
Q1 2024 Best Buy Co Inc Earnings Call
Yahoo Finance markets reporter Josh Schafer details the performance of Best Buy's earnings following weak electronics demand, consumer trends pre and post-pandemic, and the decline of Dollar Tree's stock.
Best Buy (BBY) reports better-than-expected first-quarter fiscal 2024 earnings. However, sales decrease from the year-ago fiscal quarter's level due to weak enterprise comparable sales.
Image source: The Motley Fool. Best Buy (NYSE: BBY)Q1 2024 Earnings CallMay 25, 2023, 8:00 a.m. ETContents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: OperatorLadies and gentlemen, thank you for standing by.
Comparable sales at Best Buy have fallen for seven straight quarters. The company thinks it's finally seen the worst of the declines.
Loop Capital Markets Managing Director Anthony Chukumba joins Yahoo Finance Live to examine the retail environment as chains Best Buy and Dollar Tree report earnings.
Best Buy shares are boosted as the tech retail chain reports a revenue miss while topping adjusted earnings per share expectations.
The headline numbers for Best Buy (BBY) give insight into how the company performed in the quarter ended April 2023, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
Yahoo Finance Live anchor Julie Hyman highlights today's top stories including Nvidia stock rising on AI boom, Fitch placing the U.S. on ratings watch negative, and Best Buy sales missing the mark.
The company posts better-than-expected adjusted first-quarter earnings and reiterates guidance for fiscal 2024.
As inflation on necessities like groceries remains stubbornly high, the well-heeled consumer appears to still be spending, while lower-income shoppers continues to cut back their purchases, according to the latest batch of earnings reports. Ralph Lauren Corp., which sells $300 sweaters and $500 handbags, reported a surprise increase in revenue in the latest fiscal quarter, while Dollar Tree cut its annual profit outlook on shoppers' increased focus on groceries and other necessities. Meanwhile, Best Buy turned in a first-quarter profit that beat Wall Street expectations, while the nation's largest consumer electronics chain continued to wrestle with weak consumer demand for gadgets.
Best Buy (BBY) delivered earnings and revenue surprises of 2.68% and 0.58%, respectively, for the quarter ended April 2023. Do the numbers hold clues to what lies ahead for the stock?
Best Buy Co Inc on Thursday posted a smaller-than-expected drop in comparable sales and said inflation-induced weakness in electronics should bottom out by the end of the year, sending shares of the top U.S. electronics retailer up 4%. The company, which beat its first-quarter profit estimates, also maintained its full-year profit and revenue forecasts, joining retailers Home Depot and Target Corp, as inflation-hit Americans cut spending on non-essential goods. "Expectations into the (Best Buy) print were low ... and the reiterating of the full-year guide should be considered as not as bad as feared," Evercore analysts said in a note.
(Reuters) -Best Buy Co Inc on Thursday posted a smaller-than-expected drop in comparable sales and said inflation-induced weakness in electronics should bottom out by the end of the year, sending shares of the top U.S. electronics retailer up 4%. The company, which beat its first-quarter profit estimates, also maintained its full-year profit and revenue forecasts, joining retailers Home Depot and Target Corp, as inflation-hit Americans cut spending on non-essential goods. "Expectations into the (Best Buy) print were low ... and the reiterating of the full-year guide should be considered as not as bad as feared," Evercore analysts said in a note.
Best Buy Co Inc on Thursday missed quarterly revenue estimates, as shoppers put off big-ticket discretionary spending due to economic uncertainty.
MINNEAPOLIS, May 25, 2023--Best Buy Co., Inc. (NYSE: BBY) today announced results for the 13-week first quarter ended April 29, 2023 ("Q1 FY24"), as compared to the 13-week first quarter ended April 30, 2022 ("Q1 FY23").
Investing.com -- Stocks in focus in premarket trade on Thursday, May 25th. Please refresh for updates.
Investing.com -- Best Buy Co. Inc. (NYSE:BBY) reported better-than-expected net income in the first quarter and maintained its full-year outlook, as gaming and services demand helped partially offset a downturn in discretionary spending that has impacted other retail rivals.