Best Buy Co., Inc. (NYSE:BBY) Q4 2023 Earnings Conference Call February 29, 2024 8:00 AM ET

Company Participants

Mollie O'Brien - VP, IR

Corie Barry - CEO

Matt Bilunas - CFO

Conference Call Participants

Scott Ciccarelli - Truist Securities

Brian Nagel - Oppenheimer

Michael Lasser - UBS

Seth Sigman - Barclays

Kate McShane - Goldman Sachs

Greg Melich - Evercore ISI

Joe Feldman - Telsey Advisory Group

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Best Buy's Fourth Quarter Fiscal 2024 Earnings Conference Call. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this call is being recorded for playback and will be available at approximately 1:00 P.M Eastern Time today. [Operator Instructions]

I will now turn the conference call over to Mollie O'Brien, Vice President of Investor Relations.

Mollie O'Brien

Thank you, and good morning, everyone. Joining me on the call today are Corie Barry, our CEO; and Matt Bilunas, our CFO.

During the call today we will be discussing both GAAP and non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, and an explanation of why these non-GAAP financial measures are useful, can be found in this morning's earnings release, which is available on our website, investors.bestbuy.com.

Some of the statements we will make today are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may address the financial condition, business initiatives, growth plans, investments, and expected performance of the company and are subject to risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Please refer to the company's current earnings release and our most recent 10-K and subsequent 10-Qs for more information on these risks and uncertainties. The company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this call.

I will now turn the call over to Corie.

Corie Barry

Good morning, everyone, and thank you for joining us. I'm proud of the performance of our teams across the company as they showed resourcefulness, passion, and an unwavering focus on our customers this past year. Throughout fiscal 2024, we demonstrated strong operational execution as we navigated a pressured CE sales environment. This allowed us to deliver annual profitability at the high end of our original guidance range, even though sales came in below our original guidance range. Importantly, we grew our paid membership base and drove customer experience improvements in many areas of our business, particularly in services and delivery.