Best Buy Co., Inc. (NYSE: BBY) on Thursday announced financial results for the fourth quarter of 2023, reporting a decline in revenues and adjusted earnings.
Fourth-quarter profit, adjusted for special items, decreased to $2.61 per share from $2.73 per share a year earlier. On a reported basis, the company posted a net profit of $ 495 million or $2.23 per share, compared to $626 million or $2.62 per share in the prior-year quarter.
The bottom line was negatively impacted by a 10% decrease in revenues to $14.7 billion. The company also provided guidance for fiscal 2024.
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“Throughout Q4 and FY23, we remained committed to balancing our near-term response to current conditions and managing well what is in our control, while also advancing our strategic initiatives and investing in areas important for our long-term performance,” said Best Buy’s CEO Corie Barry.