Best Buy Co. reported a decline in its first-quarter income and revenue, and, similar to many other retailers, cut its full-year outlook.
“We are updating our full year guidance to incorporate the impact of tariffs,” Best Buy CFO Matt Bilunas stated in the earnings release.
Best Buy cuts full-year profit and sales guidance amid volatile tariff landscape | Chain Store Age
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Net sales increased 34% to $43.7 billion in the third quarter, compared with $32.7 billion in third quarter 2016. Net sales includes $1.3 billion from Whole Foods Market, which Amazon acquired on August 28, 2017. Excluding Whole Foods Market and the $124 million favorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 29% compared with third quarter 2016. Operating income decreased 40% to $347 million in the third quarter, compared with operating income of $575 million in third quarter 2016. Operating income includes income of $21 million from Whole Foods Market. Net income was $256 million in the third quarter, or $0.52 per diluted share, compared with net income of $252 million, or $0.52 per diluted share, in third quarter 2016. Click Read More below for additional information.
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FY23 second quarter service performance scores covering Jan. 1 through Feb. 17 included: *First-Class Mail: 91.0% of First-Class Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Marketing Mail: 94.4% of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Periodicals: 86.1% of Periodicals delivered on time against the USPS service standard, an increase of 1.5 percentage points from the fiscal first quarter.