Best Buy reported Q1 fiscal 2025 revenue of $8.85 billion, down 6.5% year-over-year, with comparable sales declining 6.1%. Despite lower sales, operating income remained stable at $312 million compared to $311 million last year, while gross profit margin improved to 23.3% from 22.7%. Net earnings edged up to $246 million from $244 million in the prior year.The revenue decline was primarily driven by decreased sales in appliances (-18.5%), entertainment (-11.3%), and consumer electronics (-8.3%), partially offset by 9% growth in services. Online revenue represented 30.8% of domestic sales at $2.5 billion. The company effectively managed costs, with SG&A expenses decreasing to $1.74 billion from $1.85 billion last year.Looking ahead, Best Buy expects to close 10-15 domestic stores in fiscal 2025 and plans capital expenditures of approximately $750 million. The company maintains a strong liquidity position with $1.2 billion in cash and cash equivalents, while continuing its shareholder returns through a $0.94 quarterly dividend and share repurchases, with plans to buy back approximately $350 million in shares during fiscal 2025.

Best Buy reported Q1 fiscal 2025 revenue of $8.85 billion, down 6.5% year-over-year, with comparable sales declining 6.1%. Despite lower sales, operating income remained stable at $312 million compared to $311 million last year, while gross profit margin improved to 23.3% from 22.7%. Net earnings edged up to $246 million from $244 million in the prior year.The revenue decline was primarily driven by decreased sales in appliances (-18.5%), entertainment (-11.3%), and consumer electronics (-8.3%), partially offset by 9% growth in services. Online revenue represented 30.8% of domestic sales at $2.5 billion. The company effectively managed costs, with SG&A expenses decreasing to $1.74 billion from $1.85 billion last year.Looking ahead, Best Buy expects to close 10-15 domestic stores in fiscal 2025 and plans capital expenditures of approximately $750 million. The company maintains a strong liquidity position with $1.2 billion in cash and cash equivalents, while continuing its shareholder returns through a $0.94 quarterly dividend and share repurchases, with plans to buy back approximately $350 million in shares during fiscal 2025.