Best Buy Files Q1 2025 10-Q

TL;DR

BBY filed its Q1 2025 10-Q. Financials are in.

AI Summary

Best Buy Co Inc. filed its 10-Q for the period ending May 4, 2024. The filing covers the first quarter of fiscal year 2025. Key financial data points and balance sheet information as of May 4, 2024, and earlier dates are included.

Why It Matters

This filing provides investors with the latest financial performance and position of Best Buy, crucial for understanding the company's health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• Q1 2025 — Fiscal Quarter (Reporting period for this 10-Q filing.)
• 2024-05-04 — End of Reporting Period (The date through which financial information is reported.)

Key Players & Entities

• BEST BUY CO INC (company) — Filer
• 0000764478-24-000022 (filing_id) — Accession Number
• 20240504 (date) — Period of Report
• 20240607 (date) — Filed as of Date

FAQ

Key Financial Figures

• $0.10 — nge on which registered Common Stock, $0.10 par value per share BBY New York St

Filing Documents

• bby-20240504x10q.htm (10-Q) — 3512KB
• bby-20240504xex10_1.htm (EX-10.1) — 287KB
• bby-20240504xex10_2.htm (EX-10.2) — 287KB
• bby-20240504xex10_4.htm (EX-10.4) — 362KB
• bby-20240504xex31_1.htm (EX-31.1) — 17KB
• bby-20240504xex31_2.htm (EX-31.2) — 17KB
• bby-20240504xex32_1.htm (EX-32.1) — 9KB
• bby-20240504xex32_2.htm (EX-32.2) — 9KB
• bby-20240504x10qg001.jpg (GRAPHIC) — 34KB
• bby-20240504xex10_1g001.jpg (GRAPHIC) — 14KB
• bby-20240504xex10_2g001.jpg (GRAPHIC) — 14KB
• 0000764478-24-000022.txt ( ) — 13469KB
• bby-20240504.xsd (EX-101.SCH) — 35KB
• bby-20240504_cal.xml (EX-101.CAL) — 43KB
• bby-20240504_def.xml (EX-101.DEF) — 150KB
• bby-20240504_lab.xml (EX-101.LAB) — 362KB
• bby-20240504_pre.xml (EX-101.PRE) — 290KB
• bby-20240504x10q_htm.xml (XML) — 3156KB

— Financial Information

Part I — Financial Information 3 Item 1.

Financial Statements

Financial Statements 3 a) Condensed Consolidated Balance Sheets as of May 4, 2024, February 3, 2024, and April 29, 2023 3 b) Condensed Consolidated Statements of Earnings for the three months ended May 4, 2024, and April 29, 2023 4 c) Condensed Consolidated Statements of Comprehensive Income for the three months ended May 4, 2024, and April 29, 2023 5 d) Condensed Consolidated Statements of Cash Flows for the three months ended May 4, 2024, and April 29, 2023 6 e) Condensed Consolidated Statements of Changes in Shareholders' Equity for the three months ended May 4, 2024, and April 29, 2023 7 f) Notes to Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 23 Item 4.

Controls and Procedures

Controls and Procedures 24

— Other Information

Part II — Other Information 24 Item 1.

Legal Proceedings

Legal Proceedings 24 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24 Item 5. Other Information 24 Item 6. Exhibits 25

Signatures

Signatures 26 WEBSITE AND SOCIAL MEDIA DISCLOSURE We disclose information to the public concerning Best Buy, Best Buy's products, content and services and other items through our websites in order to achieve broad, non-exclusionary distribution of information to the public. Some of the information distributed through this channel may be considered material information. Investors and others are encouraged to review the information we make public in the locations below.* This list may be updated from time to time. For information concerning Best Buy and its products, content and services, please visit: https://bestbuy.com. For information provided to the investment community, including news releases, events and presentations, and filings with the SEC, please visit: https://investors.bestbuy.com . For the latest information from Best Buy, including press releases, please visit: https://corporate.bestbuy.com/archive/. * These corporate websites, and the contents thereof, are not incorporated by reference into this Quarterly Report on Form 10-Q nor deemed filed with the SEC. 2 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Condensed Consol idated Balance Sheets $ in millions, except per share amounts (unaudited) May 4, 2024 February 3, 2024 April 29, 2023 Assets Current assets Cash and cash equivalents $ 1,214 $ 1,447 $ 1,030 Receivables, net 770 939 860 Merchandise inventories 5,225 4,958 5,219 Other current assets 544 553 653 Total current assets 7,753 7,897 7,762 Property and equipment, net 2,196 2,260 2,321 Operating lease assets 2,771 2,758 2,694 Goodwill 1,383 1,383 1,383 Other assets 649 669 528 Total assets $ 14,752 $ 14,967 $ 14,688 Liabilities and equity Current liabilities Accounts payable $ 4,664 $ 4,637 $ 4,874 Unredeemed gift card liabilities 242 253 256 Deferred revenue 923 1,000 1,015 Accrued compensation and related expenses 380 486 364 Accrued liabilities 812 902 759 Current portion of operating lease liabilities 613 618 625 Current portion of long-term debt 15 13 15 Total current liabilities 7,649 7,909 7,908 Long-term operating lease liabilities 2,222 2,199 2,128 Long-term debt 1,134 1,152 1,155 Long-term liabilities 665 654 704 Contingencies (Note 10) Equity Best Buy Co., Inc. Shareholders' Equity Preferred stock, $ 1.00 par value: Authorized - 400,000 shares; Issued and outstanding - none - - - Common stock, $ 0.10 par value: Authorized - 1.0 billion shares; Issued and outstanding - 216.1 million, 215.4 million and 218.5 million shares, respectively 22 22 22 Additional paid-in capital 26 31 - Retained earnings 2,722 2,683 2,454 Accumulated other comprehensive income 312 317 317 Total equity 3,082 3,053 2,793 Total liabilities and equity $ 14,752 $ 14,967 $ 14,688 NOTE: The Consolidated Balance Sheet as of February 3, 2024, has been condensed from the audited consoli

View Full Filing

View this 10-Q filing on SEC EDGAR