Best Buy reported results for the first quarter of fiscal year 2025, which ended May 4, 2024. Revenue was $8.85 billion, down 6.1% from the same period last year, when revenue was $9.47 billion. This growth was followed by other segments. We have devoted this analysis to them and the company's overall business.

Operating profit on a GAAP basis was 3.5% of sales, up from 3.3% in the prior year. Non-GAAP operating profit was 3.8%, up from 3.4% in the prior year. GAAP earnings per share increased 2% to $1.13 and non-GAAP earnings per share increased 4% to $1.20.

CEO Corie Barry said the company delivered better-than-expected earnings due to strong execution and is preparing for future growth. However, she also acknowledged that the sales environment was challenging and sales were slightly lower than expected. Financial guidance for fiscal 2025 remains unchanged with earnings per share expected to be between $5.75 and $6.20. Best Buy also expects sales between $41.3 billion and $42.6 billion…