Best Buy Co., Inc. (NYSE: BBY) on Thursday announced financial results for the second quarter of 2024, reporting a decline in revenues and adjusted earnings.
Second-quarter profit, adjusted for special items, decreased to $1.22 per share from $1.54 per share a year earlier. On a reported basis, the company posted a net profit of $274 million or $1.25 per share in Q2, compared to $306 million or $1.35 per share in the prior-year quarter.
The bottom line was negatively impacted by a 7% decrease in revenues to $9.58 billion. The company also provided guidance for fiscal 2024.
“Our financial results were better than expected, and they reflect a consumer electronics industry that remains challenged due to the pull-forward of demand in prior years and the various macroeconomic factors that we are all too familiar with,” said Best Buy’s CEO Corie Barry.
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