Domestic Segment Q4 FY21 Results:
Domestic revenue of $15.40 billion increased 11.2% versus last year. The increase was primarily driven by comparable sales growth of 12.4%, which was partially offset by the loss of revenue from permanent store closures in the past year.
Domestic GAAP gross profit rate was 20.9% versus 21.2% last year. On a non-GAAP basis, the gross profit rate was 20.7% versus 21.2% last year. The lower GAAP and non-GAAP gross profit rates were primarily driven by higher supply chain costs as a result of the increased mix of online revenue. The GAAP gross profit rate also included the benefit of a $21 million price-fixing settlement received in relation to products purchased and sold in prior fiscal years.
International Segment Q4 FY21 Results:
International revenue of $1.54 billion increased 14.0% versus last year. This increase was primarily driven by comparable sales growth of 14.9% and the benefit of approximately 160 basis points of favorable foreign currency exchange rates. These items were partially offset by lower revenue in Mexico, which was a result of the company exiting operations from the country during the quarter, as previously announced on November 24, 2020. As a result, revenue from Mexico was only included in the company’s Q4 FY21 International comparable sales for the fiscal month of November.
International GAAP gross profit rate was 21.6% versus 22.6% last year. On a non-GAAP basis, the gross profit rate was 20.8% versus 22.6% last year. The lower GAAP and non-GAAP gross profit rates were primarily driven by higher supply chain costs as a result of the increased mix of online revenue and a lower percentage of revenue from the higher margin services category. The GAAP gross profit rate also included a $13 million benefit associated with more favorable than expected inventory markdowns in Mexico.
details at: http://investors.bestbuy.com/investor-relations/news-and-events/financial-releases/news-details/2021/Best-Buy-Reports-Fourth-Quarter-Results/default.aspx