Best Buy (BBY, Financial) has disclosed a mix figure for Q4 FY24. Total revenues were $14.6 billion, down by 4.8% compared to the same period last year, and GAAP diluted EPS was $2.12 and non-GAAP diluted EPS was $2.72. Furthermore, there was an announcement to rise its quarterly dividend of 2% to $0.94 per share.
Comparable sales decreased 4.8%, it's still an improvement compared to the decline of 9.3% in the last year. The company projects its revenues to fall between $ 41.3 billion to $ 42.6 billion in FY25 with comparable sales expected to down between 3.0% and 0.0%.
Best Buy's CEO Corie Barry is still optimistic and believe changes are still possible, striving for improvement in customer experience and operational efficiency. The market will wait and see how these endeavors will pan out over the forthcoming year.
Now, Best Buy is in a concerning trend with operating cash flow declining while dividends are increasing. It indicates that the company is prioritizing dividend to make investors happy however this might not be sustainable in the long run, especially if the company's earnings and cash flow continue to decline.
