Best Buy Co., Inc. (NYSE:BBY) Q3 2025 Earnings Conference Call November 26, 2024 8:00 AM ET

Company Participants

Mollie O'Brien - Head of Investor Relations
Corie Barry - Chief Executive Officer
Matt Bilunas - Chief Financial Officer
Jason Bonfig - Senior Executive Vice President, Customer Offerings and Fulfillment

Conference Call Participants

Peter Keith - Piper Sandler
Scot Ciccarelli - Truist Securities
Anthony Chukumba - Loop Capital Markets
Steven Forbes - Guggenheim Securities
Joseph Feldman - Telsey Advisory Group
Karen Short - Melius Research
Seth Basham - Wedbush Securities
Seth Sigman - Barclays

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Best Buy's Third Quarter Fiscal 2025 Earnings Conference Call. At this time, all participants are in a 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 by approximately 1:00 P.M. Eastern Time today. [Operator Instructions]

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

Mollie O'Brien

Thank you, and good morning, everyone. Joining me on the call today are Corie Barry, our CEO; Matt Bilunas, our CFO; and Jason Bonfig, our Senior Executive Vice President of Customer Offerings and Fulfillment in Canada.

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 really 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. Today, we are reporting an in-line operating income rate for the third quarter on softer-than-expected sales. We are proud of our continued ability to maintain our profitability even if sales are slightly lower-than-expected.