The company reported a decrease of 2.7% comparable store sales in the 4th quarter after having achieved a spectacular 12,5% increase in the previous coronavirus ridden year.
It has been quite a year! The company reported a decrease of 2.7% comparable store sales in the 4quarter after having achieved a spectacular 12,5% increase in the previous coronavirus ridden year. In the 4quarter the company reported fully diluted earnings per share of $2.62 compared to last year’s $3.10.
For the full fiscal 2022 year Best Buy reported sales of $51.8 billion compared to $47.3billion in 2021.Earnings per share jumped to $9.84 from $6.84 the previous year. Shortage oi merchandise, including some high demand holiday items, and closing of some stores contributed to the shortfall. Best sellers, on a weighted basis, were appliances, virtual reality, home theater and headphones. These growth drivers were more than offset by declines in gaming, mobile phone, tablets and services.
However, Best Buy is investing in the future. For instance, Charlotte, North Carolina, is a testing city where stores were downsized, a number of outlet stores were added and the presence of the brand Best Buy is more visible than ever before. Usage of the outlet stores eliminates merchandise going to warehouses and enables the company to resell products more efficiently. It’s still a test, but likely to expand to other cities.
Management suggested during an investor’s meeting that one should look past fiscal 2023 to fiscal 2025 to see many growth initiatives as the customer has changed during the past two pandemic years. In the ensuing years the companies’ initiatives in technology products and home health care will generate enterprise revenues of $53.5 billion to $56.5 billion, up from last year’s $51.8 billion. The company is projecting fiscal 2023 revenues pf $49.3 billion to $50.
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