Best Buy — Nov 26, 2024 release

“At the same time, we are maintaining our full year non-GAAP operating income rate of 4.1% to 4.2%, which represents slight expansion compared to FY24 on a 52-week basis.”  Bilunas continued, “For Q4 FY25, we expect comparable sales versus last year to be flat to down 3% and our non-GAAP operating income rate to be in the range of 4.6% to 4.8%.”  Best Buy’s updated guidance for FY25 is the following:  · Revenue of $41.1 billion to $41.5 billion, which compares to prior guidance of $41.3 billion to $41.9 billion · Comparable sales 1 of (3.5%) to (2.5%), which compares to prior guidance of (3.0%) to (1.5%) · Enterprise non-GAAP operating income rate 2 of 4.1% to 4.2%, which is unchanged · Non-GAAP effective income tax rate 2 of approximately 23.5%, which compares to prior guidance of approximately 24.0% · Non-GAAP diluted EPS 2 of $6.10 to $6.25, which compares to prior guidance of $6.10 to $6.35 · Capital expenditures of approximately $750 million, which is unchanged  Note: FY25 has 52 weeks compared to 53 weeks in FY24. The company estimates the impact of the extra week in Q4 FY24 added approximately $735 million in revenue, approximately 15 basis points of non-GAAP operating income rate and approximately $0.30 of non-GAAP diluted EPS to the full-year results .    Domestic Segment Q3 FY25 Results  Domestic Revenue Domestic revenue of $8.70 billion decreased 3.3% versus last year primarily driven by a comparable sales decline of 2.8%.  From a merchandising perspective, the largest drivers of the co