(Boursier.com) — BestBuy jumped in pre-session on Wall Street even if the sales of the electronics distributor were rather disappointing in its fourth fiscal quarter. Over the period, the group achieved revenues of $16.37 billion ($16.6 billion consensus) with same-store sales down 2.3%, against a guidance ranging from -2% to + 1%, and a consensus of -0.9%. Net income fell to $626 million, or $2.62 per share, from $816 million and $3.10 per share a year earlier. Adjusted EPS came out at $2.73, in line with market expectations.
The firm is still facing shortages of home appliances, mobile phones and game consoles caused by semiconductor scarcity and supply chain bottlenecks since the last months of last year. . A spike in transportation costs also weighed on the company’s profit margins.
If the forecasts for the current financial year appear lower than analysts’ expectations, the financial director, Matt Bilunas, explained this guidance ‘disappointing’ in the short term because it follows a period of very strong demand. However, he expects the company’s sales to be at higher levels than before the pandemic over the next few years. Best Buy thus forecasts for the financial year 2025 revenues of between $53.5 billion and $56.5 billion, against a consensus of $53.51 billion.
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