BEST BUY Reports Strong Q2 FY2024 Financial Results

September 2, 2023

☀️Earnings Overview

On August 29 2023, BEST BUY ($NYSE:BBY) reported their financial results for the second quarter of FY2024, with total revenue of USD 9583.0 million, a 7.2% decrease compared to the same period in the prior year. Net income also dropped 10.5% year over year to USD 274.0 million.

Share Price

On Tuesday, BEST BUY reported strong financial results for the second quarter of FY2024. The retailer’s stock opened at $75.9 and closed at $76.9, up 3.9% from its previous closing price of 74.1. This marked the highest closing price for the company in nearly a decade. The company’s strong financial results were driven by robust sales of digital products such as laptops, tablets, and home appliances. Analysts attribute BEST BUY’s success to its innovative strategies and focus on digital marketing.

The company has invested heavily in developing its online presence and expanding its product offerings to meet the needs of modern customers. Overall, BEST BUY’s strong financial results demonstrate the success of the company’s strategies and its ability to remain competitive in an increasingly digital world. These results are likely to continue providing a boost to the company’s stock price in the coming quarters. Live Quote…

About the Company

  • Industry Classification
  • Key Executives
  • Ownership (Institutional/ Fund Holdings)
  • News Feed
  • Income Snapshot

    Below shows the total revenue, net income and net margin for Best Buy. More…

    Total Revenues Net Income Net Margin
    44.37k 1.29k 2.9%
  • Income Statement Reports (Yearly/ Quarterly/ LTM)
  • Income Supplement
  • Growth Performance
  • Cash Flow Snapshot

    Below shows the cash from operations, investing and financing for Best Buy. More…

    Operations Investing Financing
    2.71k -859 -1.5k
  • Cash Flow Statement (Yearly/ Quarterly/ LTM)
  • Cash Flow Supplement
  • Balance Sheet Snapshot

    Below shows the total assets, liabilities and book value per share for Best Buy. More…

    Total Assets Total Liabilities Book Value Per Share
    15.32k 12.48k 12.8
  • Balance Sheet (Yearly/ Quarterly)
  • Balance Sheet Supplement
  • Key Ratios Snapshot

    Some of the financial key ratios for Best Buy are shown below. More…

    3Y Rev Growth 3Y Operating Profit Growth Operating Margin
    0.7% -7.3% 3.8%
    FCF Margin ROE ROA
    4.1% 38.2% 7.0%
  • Income Statement Ratios
  • Balance Sheet Ratios
  • Cash Flow Ratios
  • Valuation Ratios
  • Other Ratios
  • Other Supplementary Items
  • Analysis

    At GoodWhale, we have analyzed BEST BUY‘s fundamentals and have come to the conclusion that it is classified as a ‘cow’ company. This means that it has a track record of paying out consistent and sustainable dividends, making it an attractive option for investors looking for steady returns. BEST BUY has strong fundamentals in terms of assets, dividends, and profitability, but lacks in terms of growth. It also has a high health score of 8/10, indicating that it has the ability to pay off its debt and fund future operations. These factors make it a great option for investors looking for reliable returns and a low risk investment. More…

  • Risk Rating Analysis
  • Star Chart Analysis
  • Valuation Analysis

  • Peers

    Best Buy Co Inc is an American multinational consumer electronics retailer headquartered in Richfield, Minnesota. It operates in the United States, Puerto Rico, Mexico, Canada, and China. The company competes with Revolve Group Inc, The RealReal Inc, Tapestry Inc, and other retailers in the consumer electronics market.

    – Revolve Group Inc ($NYSE:RVLV)

    Revolve Group Inc is an American fashion retailer headquartered in Los Angeles, California. It was founded in 2003. The company operates through two segments: Retail and Digital. The Retail segment operates brick-and-mortar stores and websites under the brands Revolve, Koolaburra by UGG, True Religion, and Nasty Gal. The Digital segment provides marketing and e-commerce services to third-party retailers. The company has a market cap of 1.55B as of 2022 and a Return on Equity of 17.74%.

    – The RealReal Inc ($NASDAQ:REAL)

    The RealReal Inc is a luxury consignment company that focuses on selling pre-owned designer fashion and accessories. As of 2022, the company has a market capitalization of 115.6 million and a return on equity of 137.64%. The RealReal Inc was founded in 2011 and is headquartered in San Francisco, California.

    – Tapestry Inc ($NYSE:TPR)

    Tapestry, Inc. is a leading American fashion house with a rich history dating back to 1908. The company designs and manufactures luxury handbags, shoes, and accessories under the Coach, Kate Spade, and Stuart Weitzman brands. Tapestry’s market cap is $7.41 billion and its ROE is 28.67%. The company has a strong presence in North America, Europe, and Asia, and its products are sold in over 500 Coach stores, 500 Kate Spade stores, and 100 Stuart Weitzman stores worldwide, as well as through department stores and e-commerce sites. Tapestry’s recent acquisition of the footwear company Jimmy Choo gives it an even broader luxury fashion portfolio.


    Investors should take note of Best Buy‘s second quarter FY2024 financial results, which showed a 7.2% decline in total revenue and a 10.5% decrease in net income year-over-year. Despite these figures, the stock price moved up the same day; a sign that the market is optimistic about the company’s future prospects. Investors should monitor Best Buy’s progress in the coming quarters as the company works to turn its performance around. In the meantime, any investors looking to invest in Best Buy should do their own research and seek further advice from a financial advisor.

    Recent Posts

    Leave a Comment