Domestic revenue of $9.89 billion decreased 8.7% versus last year primarily driven by a comparable sales decline of 8.5%. Domestic gross profit rate was 21.9% versus 23.3% last year. The lower gross profit rate was primarily due to: (1) lower services margin rates, including pressure associated with the Best Buy Totaltech membership offering; (2) lower product margin rates, including increased promotions; and (3) higher supply chain costs. These pressures were partially offset by higher profit-sharing revenue from the company’s private label and co-branded credit card arrangement. Domestic GAAP SG&A was $1.74 billion, or 17.6% of revenue, versus $1.84 billion, or 16.9% of revenue, last year. International revenue of $753 million decreased 5.4% versus last year. This decrease was primarily driven by the exit of operations in Mexico in FY22 and a comparable sales decline of 1.4% in Canada. International GAAP gross profit rate was 24.3% versus 23.7% last year.
California Attorney General Xavier Becerra has already sent warning notices to online companies over alleged violations of the state’s new privacy law, a state official said Thursday.
Companies that receive the notices will have 30 days to come into compliance, or risk lawsuits by the state.
The California Consumer Privacy Act gives state residents the right to learn what information has been collected about them by companies, have that information deleted, and prevent the sale of that data to third parties.
The measure went into effect in January, but wasn’t enforceable until July 1.
more at source: https://www.mediapost.com/publications/article/353549/california-sends-warning-letters-over-ccpa-violati.html