BEST BUY CO INC [BBY] reports annual net loss of $1.2 billion
Company Reports Revenue of $43.5 billion
BEST BUY CO INC[BBY] has reported a net loss of $1.2 billion for year ended Feb 03, 2024.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $43.5 billion
Based in RICHFIELD, Minnesota, BEST BUY CO INC operates in the RETAIL sector.
Consolidated Statements of Earnings - USD ($) in Millions, 12 Months Ended
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022
Revenue:
- Current Period: $43,452.0
- Previous Period: $46,298.0
Cost of Sales:
- Current Period: $33,849.0
- Previous Period: $36,386.0
Gross Profit:
- Current Period: $9,603.0
- Previous Period: $9,912.0
Operating Income:
- Current Period: $1,574.0
- Previous Period: $1,795.0
Net Income:
- Current Period: $1,241.0
- Previous Period: $1,419.0
Earnings Per Share:
- Basic:
- Current Period: $5.70
- Previous Period: $6.31
- Diluted:
- Current Period: $5.68
- Previous Period: $6.29
In the most recent reporting period, the company's revenue decreased to $43.45 billion from $46.29 billion in the same period the previous year. This decline in revenue was accompanied by a decrease in cost of sales from $36.39 billion to $33.85 billion. As a result, the gross profit also decreased slightly from $9.91 billion to $9.60 billion.
The operating income dropped from $1.79 billion to $1.57 billion, showcasing a decrease in profitability. Similarly, the net income for the current period was lower at $1.24 billion compared to $1.42 billion in the previous period.
Earnings per share also saw a decline, with basic earnings per share decreasing from $6.31 to $5.70, and diluted earnings per share decreasing from $6.29 to $5.68. This reflects a decrease in profitability on a per-share basis.
Moreover, the weighted-average common shares outstanding slightly decreased from 224.8 million to 217.7 million for basic shares and from 225.7 million to 218.5 million for diluted shares.
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