Best Buy(US:BBY) 智通财经网·2025-05-29 13:08Core Viewpoint - Best Buy (BBY.US) reported a 0.9% year-over-year decline in revenue for Q1, totaling $8.77 billion, primarily due to a drop in same-store sales in both domestic and international markets [1][2] Financial Performance - Revenue decreased to $8.77 billion, down 0.9% year-over-year [1] - Earnings per share (EPS) were $1.15, exceeding the expected $1.09 but down from $1.20 in the same quarter last year [1] - Domestic gross margin increased by 10 basis points to 23.5%, attributed to improved performance in service categories, although offset by pressures in Best Buy Health and reduced profit-sharing income from private label and co-branded credit card arrangements [1] Sales Performance - Same-store sales in the U.S. fell by 0.7%, worse than the expected decline of 0.6%, driven by weak sales in drones, appliances, and home theater products, partially offset by growth in tablets, smartphones, and computers [1][2] - International revenue decreased by 0.6% to $640 million, impacted by negative foreign exchange effects of approximately 450 basis points and a 0.7% decline in same-store sales [2] Future Outlook - The company lowered its sales and profit forecasts, expecting fiscal year revenue between $41.1 billion and $41.9 billion, with a midpoint of $41.5 billion, slightly above market expectations [2] - Same-store sales growth is now projected to be a maximum of 1%, down from a previous estimate of 2%, due to ongoing tariff issues affecting imports from China [2] - EPS guidance was revised down from $6.20-$6.60 to $6.15-$6.30, with a midpoint of $6.225, compared to market expectations of $6.13 [2] Market Challenges - The company faces challenges due to a lack of attractive tech products to draw customers, although the upcoming launch of Nintendo's Switch 2 may positively impact same-store sales, with an expected growth of 1% over the next four quarters [3]