Best Buy Co., Inc. reported its financial results for the third quarter of fiscal 2025, revealing a revenue of $9.445 billion, a decrease of 3.2% compared to $9.756 billion in the same period last year. For the first nine months of the fiscal year, revenue totaled $27.580 billion, down 4.3% from $28.806 billion in the prior year. The company's net earnings for the quarter were $273 million, or $1.26 per diluted share, compared to $263 million, or $1.21 per diluted share, in the previous year. Year-to-date net earnings reached $810 million, up from $781 million in the same period last year.
The decline in revenue was attributed to softer customer demand in the consumer electronics sector, particularly in appliances, home theater, and gaming categories. However, Best Buy experienced growth in its computing, tablet, and services categories. The company's gross profit for the third quarter was $2.217 billion, representing a gross profit margin of 23.5%, slightly up from 22.9% in the prior year. Selling, general, and administrative expenses (SG&A) decreased to $1.871 billion, or 19.8% of revenue, compared to 19.2% in the same quarter last year.
In terms of operational developments, Best Buy's domestic segment generated $8.697 billion in revenue, down 3.3% year-over-year, while the international segment reported $748 million, a decline of 1.6%. The company continues to focus on enhancing customer experiences, including improvements to its mobile app and in-store services. Best Buy has also been actively managing its store count, with plans to reduce its domestic store count by approximately 10 to 12 locations in fiscal 2025. The company has rebranded 167 stores in collaboration with Bell Canada, enhancing its presence in the Canadian market.
Looking ahead, Best Buy remains cautious about the consumer electronics market, which is facing ongoing challenges. The company is focused on driving operational efficiencies and exploring new revenue streams while maintaining a disciplined approach to capital allocation. Best Buy's management expressed optimism for the upcoming holiday season, emphasizing their competitive pricing and product assortment strategies. The company expects to continue leveraging its scale and capabilities to strengthen its market position in key categories such as computing and home theater.
About BEST BUY CO INC
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