Best Buy (BBY) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates (Revised)

For the quarter ended April 2023, Best Buy (BBY) reported revenue of $9.47 billion, down 11.1% over the same period last year. EPS came in at $1.15, compared to $1.57 in the year-ago quarter.

The reported revenue represents a surprise of -0.58% over the Zacks Consensus Estimate of $9.52 billion. With the consensus EPS estimate being $1.12, the EPS surprise was +2.68%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Best Buy performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

• Comparable store sales - YoY change: -10.1% compared to the -9.81% average estimate based on nine analysts.

• Comparable store sales - Domestic - YoY change: -10.4% compared to the -10% average estimate based on eight analysts.

• Comparable store sales - International - YoY change: -5.5% compared to the -8.19% average estimate based on seven analysts.

• Number of stores - Domestic - Total: 966 compared to the 968 average estimate based on three analysts.

• Number of stores - Domestic - U.S. Best Buy Stores: 908 compared to the 912.67 average estimate based on three analysts.

• Number of stores - Domestic - Pacific Sales Stores: 20 versus the three-analyst average estimate of 20.

• Number of stores - International - Canada Best Buy Stores: 127 versus 126.33 estimated by three analysts on average.

• Number of stores - International - Canada Best Buy Mobile Stand-Alone Stores: 32 versus 33 estimated by three analysts on average.

• Retail square footage - Domestic - Total: 36.9 Msq ft versus 36.93 Msq ft estimated by three analysts on average.

• Retail square footage - International - Total: 3.62 Msq ft compared to the 3.59 Msq ft average estimate based on three analysts.

• Geographic Revenue- Domestic: $8.80 billion versus the five-analyst average estimate of $8.85 billion. The reported number represents a year-over-year change of -11.1%.

• Geographic Revenue- International: $666 million versus $690.13 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -11.6% change.

View all Key Company Metrics for Best Buy here>>>

Shares of Best Buy have returned -3.3% over the past month versus the Zacks S&P 500 composite's -0.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

(We are reissuing this article to correct a mistake. The original article, issued on May 25, 2023, should no longer be relied upon.)

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