(Tiper Stock Exchange) – Best Buysthe largest consumer electronics retailer in the United States, has recorded revenues of $14.7 billion in the fourth quarter of fiscal 2023 (ended January 28, 2023), down from $16.4 billion in the same period a year ago. The comparable sales decreased by 9.3%. Earnings per share (EPS) adjusted it was $2.61, down from $2.73 in the fourth quarter of fiscal 2022.
“We report fourth quarter sales in line with our expectations and better than expected profitability,” said the CEO Corie Barry — Throughout the fourth quarter and fiscal 2023, we remained committed to balancing our near-term response to current conditions and to manage well what is under our controlwhile also continuing our strategic initiatives and investing in areas that are important to our long-term performance.” “We believe the macro and industrial environment will continue to come under pressure in FY24 and we will continue to adjust,” he added.
Best Buy provides, for the current fiscal yearrevenue from $43.8 billion to $45.2 billion and a decline in comparable sales from 3.0% to 6.0%.
“As we enter FY24, the consumer electronics industry continues to suffer from the effects of the broader macro environment and its impact on consumers – said the CFO Matt Bilunas “Accordingly, our forecast assumes comparable sales to decline 3% to 6% for the year, with the greatest pressure on sales in the first quarter as year-over-year comparisons soften over the course of the year.”