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Best Buy sees FY24 EPS $5.70-$6.50, consensus $6.71
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Best Buy sees FY24 EPS $5.70-$6.50, consensus $6.71

Sees FY24 revenue $43.8B-$45.2B, consensus $45.73B. Sees FY24 comparable sales down 3%-6%. Sees FY24 tax rate 24.5%. Sees FY24 capital expenditures $850M. "As we enter FY24, the consumer electronics industry continues to feel the effects of the broader macro environment and its impact on consumers," said Matt Bilunas, Best Buy CFO. "As a result, our outlook assumes comparable sales decline 3% to 6% for the year, with the most sales pressure in the first quarter, as year-over-year comparisons ease through the year. During FY24, we expect to expand our gross profit rate approximately 40 to 70 basis points versus the past year as we evolve our membership program and realize benefits from our cost optimization efforts. Non-GAAP SG&A expense is expected to increase versus last year as our cost takeout initiatives and lower variable costs are offset by the addback of incentive compensation, the extra week and higher depreciation."

Published first on TheFly

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