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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Staples, Inc. is offering great solutions to save time and money this holiday season, and giving customers more time to enjoy. While Staples stores will be closed on Thanksgiving Day, Staples.com will offer can't-miss deals so customers can fill their carts without leaving their homes. On Black Friday, exclusive in-store deals will begin at 7 a.m. in the majority of locations and where states allow. Visit Staples.com for the most up-to-date location and hours information. Click Read More below for additional information.
Second Quarter highlights:
•Total revenues decreased 2% to $560.9 million. Comparable company sales decreased 5% following a decrease of 8% in the second quarter last year.
•J.Crew sales decreased 7% to $443.1 million. J.Crew comparable sales decreased 8% following a decrease of 9% in the second quarter last year.
•Madewell sales increased 19% to $93.1 million. Madewell comparable sales increased 11% following an increase of 3% in the second quarter last year.
•Gross margin increased to 38.6% from 35.7% in the second quarter last year. Click Read More below for additional detail.
Fourth Quarter 2023 Highlights *Fourth quarter net sales increased 16%; Adjusted net sales increased 6% *Fourth quarter net sales were highlighted by a 12% increase in Drinkware net sales and a 44% increase in International net sales; International adjusted net sales increased 39% *Fourth quarter EPS of $0.90 compared to loss per share of $0.32 in the prior year quarter; Adjusted EPS of $0.90, growth of 15%. Fiscal Year 2023 Highlights *Full year net sales increased 4%; Adjusted net sales increased 3% *Full year EPS increased 88% to $1.94; Adjusted EPS decreased 5% to $2.25 *Cash increased 87% to $439 million compared to Fiscal 2022