Best Buy Co. Inc. (NYSE: BBY) reported its second quarter 2023 earnings results today.
Enterprise revenue dropped to $10.3 billion from $11.8 billion in the year-ago period. Comparable sales fell 12.1%.
Net earnings declined to $306 million, or $1.35 per share, from $734 million, or $2.90 per share, in the prior-year quarter. Adjusted EPS amounted to $1.54.
Best Buy expects its comparable sales for the third quarter of 2023 to decline slightly more than the 12.1% reported this quarter. For the full year of 2023, comparable sales are expected to decline around 11%.
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