Shares of Best Buy Co. Inc. BBY dropped 1.6% in premarket trading Thursday, after the consumer electronics retailer reported fiscal fourth-quarter profit and revenue that beat expectations but provided a downbeat full-year outlook as a slowing economy pressures consumers. Net income for the quarter to Jan. 28 fell to $495 million, or $2.23 a share, from $626 million, or $2.62 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $2.
62 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $2.61 beat the FactSet consensus of $2.10. Revenue fell 10.0% to $14.735 billion, just above the FactSet consensus of $14.721 billion, but same-store sales fell 9.3% to miss expectations of a 9.2% decline. For fiscal 2024, the company expects adjusted EPS of $5.70 to $6.50, revenue of $43.8 billion to $45.2 billion and a same-store sales decline of 3.0% to 6.0%.
2023. Inflation plateaus. Stocks down. Bonds up.
so it is not a best buy