Best Buy Co. reported a decline in its first-quarter income and revenue, and, similar to many other retailers, cut its full-year outlook.
“We are updating our full year guidance to incorporate the impact of tariffs,” Best Buy CFO Matt Bilunas stated in the earnings release.
Best Buy cuts full-year profit and sales guidance amid volatile tariff landscape | Chain Store Age
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Third Quarter 2021 Financial Highlights: • Total revenues of $800.2 million decreased 1.8% compared to the prior year quarter ◦ Same store revenues increased 0.9% compared to the third quarter of 2020 • Total digital revenues were $265.0 million or 33.1% of total revenues, up 17.8% over the prior year period on a same store basis • Net income attributable to Gannett of $14.7 million • Net cash flow provided by operating activities of $40.8 million • Free cash flow of $29.3 million
With the e-book market showing no signs of returning to robust growth, two of HarperCollins’s main priorities in fiscal 2018 are global expansion and broadening its distribution base in North America, HC’s CEO Brian Murray told PW after the release of the publisher’s financial results for the fiscal year ended June 30, 2017. In the just-concluded year, EBITDA (earnings before interest, taxes, depreciation, and amortization) was $199 million, 7.5% higher than in fiscal 2016, despite a decline of $10 million in sales. Several factors impacted HC’s sales performance: there was one fewer week in the fiscal 2017 than in fiscal 2016, which cost $19 million, and the company suffered from the negative impact of currency fluctuations.
Murray said he was “thrilled” with fiscal 2017 from both a publishing and financial standpoint and that the continued decline in e-books isn’t a major concern at the moment. He noted that, in the North American market, gains in print book sales and digital audio made up for the drop in e-book sales and that HC’s print frontlist and backlist sales were almost strong enough to match the revenue generated in fiscal 2016 by Go Set a Watchman. Among the company’s top-selling titles in the year were Hillbilly Elegy by J.D. Vance, The Magnolia Story by Chip and Joanna Gaines, and Jesus Calling and Jesus Always by Sarah Young. Click Read More below for more of the story.
With its trade segment posting a strong first half of the year and its education group turning in a solid second half, Scholastic reported a 4% increase in revenue in the fiscal year ended May 31, over fiscal 2016.
Operating income, excluding one-time items, rose 17%. Revenue in the year was $1.74 billion, while operating income rose to $109.1 million, up from $93.4 million in fiscal 2016. Net income increased 29.1% to $52.3 million.