Best Buy(BBY) - 2025 Q1 - Quarterly Results

Financial Performance - Total revenue for Q1 FY25 was $8.847 billion, a decrease of 6.5% compared to $9.467 billion in Q1 FY24[3][22] - Net earnings for the three months ended May 4, 2024, were $246 million, slightly up from $244 million in the same period last year[26] - Net earnings for the period ending May 4, 2024, were $1,243 million, compared to $1,322 million for the previous year[36] - Operating income for the latest period was $1,575 million, compared to $1,644 million previously[36] - Adjusted operating income after tax for the latest period was $2,962 million, slightly down from $3,005 million[36] Sales and Revenue Trends - Comparable sales declined by 6.1% in Q1 FY25, with domestic comparable sales down 6.3% and international comparable sales down 3.3%[3][6][10] - Domestic segment revenue decreased by 6.3% to $8,203 million, while international segment revenue fell by 3.3% to $644 million[28] - International revenue decreased by 3.3% to $644 million, with a gross profit rate of 22.8%[10][11] - Comparable sales for the domestic segment declined by 6.3%, with online sales down by 6.1%[28] Earnings Per Share - GAAP diluted EPS increased by 2% to $1.13, while non-GAAP diluted EPS increased by 4% to $1.20[1][22] - Non-GAAP diluted EPS for the quarter was $1.20, compared to $1.15 in the same quarter last year[33] - FY25 non-GAAP diluted EPS guidance remains unchanged at a range of $5.75 to $6.20[1][5] Cost Management - Domestic SG&A expenses decreased to $1.60 billion, or 19.5% of revenue, compared to $1.71 billion, or 19.4% of revenue, last year[9] - Domestic gross profit rate improved to 23.4% from 22.6% last year, driven by better performance in services[8] - Gross profit margin for the domestic segment improved to 23.4% from 22.6% year-over-year[28] Cash Flow and Shareholder Returns - Total cash provided by operating activities was $156 million, a significant recovery from a cash usage of $331 million in the prior year[26] - Cash, cash equivalents, and restricted cash at the end of the period were $1,527 million, compared to $1,432 million a year ago[26] - The company returned $252 million to shareholders in Q1 FY25 through dividends and share repurchases[14] - The company repurchased $50 million in common stock during the quarter, down from $79 million in the previous year[26] Restructuring and Charges - The company incurred $15 million in restructuring charges in Q1 FY25 related to an enterprise-wide restructuring initiative[13] Asset Management - Total assets increased to $14,752 million as of May 4, 2024, compared to $14,688 million a year earlier[24] - Total assets decreased to $15,909 million from $16,242 million[36] - Average invested operating assets increased to $12,391 million from $12,235 million[36] - Excess cash was reported at $330 million, up from $264 million[36] Return Metrics - Return on Assets (ROA) for May 4, 2024, is 7.8%, down from 8.1% on April 29, 2023[36] - Non-GAAP Return on Investment (ROI) decreased to 23.9% from 24.6% year-over-year[36]