Best Buy narrows FY25 EPS view to $6.10-$6.25 from $6.10-$6.35

Consensus $6.27. Cuts FY24 revenue view to $41.1B-$41.5B from $41.3B-$41.9B, consensus $41.58B. Cuts FY24 comparable sales view to down 2.5%-3.5% from down 1.5%-3%. Cuts FY25 tax rate view to 23.5% from 24%. Backs FY25 operating income rate 4.1%-4.2%. Backs FY25 capital expenditures view $750M. “We are adjusting our full year comparable sales guidance to a decline in the range of 2.5% to 3.5%,” said Matt Bilunas, Best Buy (BBY) CFO. “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.”