Best Buy Co Inc. has recently released its 10-Q report, providing a detailed look at the company's financial condition and results of operations. Best Buy Co Inc. offers a wide range of technology products and solutions in the United States, Canada, and internationally. The company's offerings include computing and mobile phone products, consumer electronics, appliances, entertainment products, and various other items. It also provides delivery, installation, repair, and technical support services.
In the second quarter of fiscal 2026, Best Buy Co Inc. generated $9.4 billion in revenue, with comparable sales growing by 1.6%. The company's gross profit was $2.2 billion, representing 23.2% of revenue, while operating income was $251 million. However, net earnings and diluted earnings per share decreased compared to the same period in fiscal 2025, primarily due to higher restructuring charges.
The company's store count as of August 2, 2025, stood at 1,105, including both domestic and international locations. Best Buy Co Inc. plans to reduce its traditional domestic store count by approximately 5 to 10 stores in the normal course of operations in fiscal 2026.
In terms of income tax expense, it decreased in the second quarter of fiscal 2026 compared to the same period in fiscal 2025, primarily due to lower pre-tax income. The effective tax rate increased to 26.8% in the second quarter of fiscal 2026 compared to 25.8% in the second quarter of fiscal 2025, primarily due to decreased tax benefits from resolutions of tax matters and stock-based compensation.
The market has reacted to these announcements by moving the company's shares -1.14% to a price of $76.17. For more information, read the company's full 10-Q submission here.
