Best Buy Co., Inc. domestic revenue in the third quarter of 2022 rose 1.2% from the prior year to $10.99 billion. The revenues were boosted by comparable sales, which increased 2.0% from the prior year.
Total revenues were reported at $11.91 billion, up from $11.86 billion in the prior year. International revenue fell by 7.8% from the prior year to $925 million in the third quarter.
Domestic online revenue fell by 10.1% to $3.44 billion. As a percentage of domestic revenues, online revenues fell to 31.3%, from 35.2% in the prior year.
Domestic gross profit rate fell to 23.4% from 24.0% last year, driven by lower product margins and service margin rates.
GAAP diluted earnings per share was reported at $2.00 in the third quarter, up from $1.48 in the prior year.
The company returned $577 million to shareholders in the third quarter, in the form of share repurchases totaling $405 million and dividends of $172 million. A quarterly dividend of $0.70 per share was announced, payable on January 4, 2022.
Best Buy now projects revenue of between $16.4 billion and $16.9 billion in the fourth quarter. Comparable sales growth is expected within the range of -2.0% and +1.0%.
FY22 revenues were upgraded to between $51.8 billion and $52.3 billion, from an initial outlook of between $51.0 billion and $52.0 billion. Comparable sales growth is expected at 10.5% to 11.5%, up from previous guidance of 9% to 11% growth.
