===Best Buy (BBY) reported earnings on Thur 2 March 23 (b/o)

 

Best Buy beats by $0.47, reports revs in-line, comps -9.3%; guides FY24 EPS and revs below consensus; also increases dividend by 5%

• Reports Q4 (Jan) earnings of $2.61 per share, excluding non-recurring items, $0.47 better than the S&P Capital IQ Consensus of $2.14; revenues fell 10.0% year/year to $14.73 bln vs the $14.80 bln S&P Capital IQ Consensus.
  • Comparable sales declined -9.3%.
• Co issues downside guidance for FY24, sees EPS of $5.70-6.50, excluding non-recurring items, vs. $6.67 S&P Capital IQ Consensus; sees FY24 revs of $43.80-45.20 bln vs. $45.76 bln S&P Capital IQ Consensus.
  • Co guides to FY24 comps of -6% to -3% with the most sales pressure in Q1 (Apr), as year-over-year comparisons ease through the year.
• Co also increases quarterly dividend by 5% to $0.92/sh, new yield is 4.5%.
• "Today we are reporting Q4 sales that were in line with our expectations and profitability that was better than expected...We believe the macro and industry backdrop will continue to be pressured in FY24 and we will continue to adjust."
• "As we enter FY24, the consumer electronics industry continues to feel the effects of the broader macro environment and its impact on consumers...During FY24, we expect to expand our gross profit rate approximately 40 to 70 basis points versus the past year as we evolve our membership program and realize benefits from our cost optimization efforts."

===Best Buy (BBY) reported earnings on Tue 22 Nov 22 (b/o)

 

Best Buy beats by $0.36, beats on revs 

• Reports Q3 (Oct) earnings of $1.38 per share, $0.36 better than the S&P Capital IQ Consensus of $1.02; revenues fell 11.1% year/year to $10.59 bln vs the $10.3 bln S&P Capital IQ Consensus.
  • Domestic revenue of $9.80 billion decreased 10.8% versus last year primarily driven by a comparable sales decline of 10.5%.
• Outlook
  • Co expects FY23 comparable sales to decline approximately 10% and non-GAAP operating income rate to be slightly higher than 4.0%.

Best Buy (BBY) reported earnings on Tue 23 Nov 2021 (b/o)

 

Best Buy beats by $0.12, beats on revs; raises FY22 outlook

• Reports Q3 (Oct) earnings of $2.08 per share, $0.12 better than the S&P Capital IQ Consensus of $1.96; revenues rose 0.5% year/year to $11.91 bln vs the $11.62 bln S&P Capital IQ Consensus.
• Co issues in-line guidance for FY22, sees FY22 revs of $51.8-52.3 bln vs. $51.83 bln S&P Capital IQ Consensus and compared to the prior outlook of $51.0-52.0 billion
  • FY22 Comparable sales growth of 10.5% to 11.5% compared to the prior outlook of 9% to 11% growth

Best Buy (BBY) reported earnings on Tue 24 Nov 2019 (b/o)

 ** charts after earnings **

 

Best Buy beats by $0.34, beats on revs; Q3 US comps +22.6%

Reports Q3 (Oct) earnings of $2.06 per share, excluding non-recurring items, $0.34 better than the S&P Capital IQ Consensus of $1.72; revenues rose 21.4% year/year to $11.85 bln vs the $10.97 bln S&P Capital IQ Consensus.

Domestic revenue of $10.85 billion increased 21.0% versus last year. The increase was primarily driven by comparable sales growth of 22.6%, which was partially offset by the loss of revenue from permanent store closures in the past year. Domestic gross profit rate was 24.0% versus 24.3% last year.

From a merchandising perspective, the company generated comparable sales growth across most of its categories, with the largest drivers being computing, home theater and appliances. These growth drivers were partially offset by a decline in mobile phone sales.

Barry continued, "For our employees, we raised our starting wage to $15 per hour, paid recognition bonuses to field employees and reinstated our short-term incentive compensation. In the early days of the pandemic, we established an employee hardship fund that continues to provide emergency funds to our employees who are sick, have loved ones who are sick or are experiencing financial hardship. In addition, in recent weeks, we have resumed our 401(k) employer match and invested significantly in our employee well-being benefits."

Earnings this week : November 23 - 27, 20 (wk 48)

 Monday (Nov 23)

• Morning:  BZUN KFY TWST WMG
• Afternoon: A AMBA CBT ENTA NTNX URBN

Tuesday (Nov 24)

• Morning: ANF AMWD ADI PLAN BBY BURL CHS SJM DKS DLTR DY EV HRL MDT TIF TITN
• Afternoon:  AEO ADSK DELL GPS HPQ JWN PSTG VMW

Wednesday (Nov 25)

• Morning:  DE FRO

Thursday (Nov 26)

• Holiday

Friday (Nov 27)  

• None

-=Best Buy (BBY) reported earnings on Tue 26 Nov 2019 (b/o)

Best Buy beats by $0.10, reports revs in-line; guides Q4 EPS in-line, revs in-line; Q3 enterprise comps +1.7%

Reports Q3 (Oct) earnings of $1.13 per share, excluding non-recurring items, $0.10 better than the S&P Capital IQ Consensus of $1.03; revenues rose 2.1% year/year to $9.76 bln vs the $9.71 bln S&P Capital IQ Consensus; Q3 enterprise comps +1.7% vs +4.3% last year; Q3 domestic comps +2.0% vs +4.3% last year.

Domestic gross profit rate was 24.3% versus 24.4% last year. The gross profit rate decrease of approximately 10 basis points was primarily driven by mix into lower-margin products, partially offset by the impact of GreatCall's higher gross profit rate.

Co issues in-line guidance for Q4, sees EPS of $2.65-2.75, excluding non-recurring items, vs. $2.66 S&P Capital IQ Consensus; sees Q4 revs of $14.75-15.15 bln vs. $14.99 bln S&P Capital IQ Consensus; co sees Q4 enterprise comps of +0.5-3.0%.

Earnings this week : Nov 25 - 29, 19 (wk 48)

Monday (Nov 25)

• Morning: JEC
• Afternoon: A AMBA BECN CAL GBDC HPE MTSC NTNX PANW PVH SR

Tuesday (Nov 26)

• Morning: ANF AMWD ADI BNS BBY BITA BURL CHS CBRL DKS DLTR DY EV HRL MOMO MOV TECH TITN
• Afternoon: ADSK BOX CENT DELL GES HPQ KEYS QADA VEEV VMW

Wednesday (Nov 27)

• Morning: DAKT DE DOYU FRO UXIN

Thursday (Nov 28)

• Holiday (Thanksgiving)

Friday (Nov 29) 

Stock market will close early at 1:00 p.m. on Friday, November 29, 2019 (the day after Thanksgiving).

• none

=Best Buy (BBY) reported earnings on Thur 24 May 18 (b/o)

Best Buy beats by $0.08, beats on revs; guides Q2 EPS in-line, revs above consensus; reaffirms FY19 EPS, revs and comp guidance; Q1 comps +7.1% ahead of guidance 

• Reports Q1 (Apr) earnings of $0.82 per share, excluding non-recurring items, $0.08 better thanthe Capital IQ Consensus of $0.74; revenues rose 6.8% year/year to $9.11 bln vs the $8.75 bln Capital IQ Consensus; enterprise comps +7.1% and domestic comps +7.1% (co guided for Q1 comps of +1.5-2.5%;  The co also guided for Q1 domestic comps of 1.5-2.5% and international comps of flat to 3%).
• Co issues guidancefor Q2, sees EPS of $0.77-0.82, excluding non-recurring items, vs. $0.81 Capital IQ Consensus Estimate; sees Q2 revs of $9.1-9.2 bln vs. $9 bln Capital IQ Consensus Estimate; sees Q2 comps +3-4%
• Co issues reaffirms guidancefor FY19, sees EPS of $4.80-5.00, excluding non-recurring items, vs. $4.93 Capital IQ Consensus Estimate; sees FY19 revs of $41-42 bln vs. $41.64 bln Capital IQ Consensus Estimate; reaffirms FY19 comps +0-2%

=Best Buy (BBY) reported earnings on Tue 29 Aug 2017 (b/o)

Best Buy beats by $0.06, beats on revs; guides Q3 above consensus; raises FY18 guidance

• Reports Q2 (Jul) earnings of $0.69 per share, $0.06 better than the Capital IQ Consensus of $0.63; revenues rose 4.8% year/year to $8.94 bln vs the $8.67 bln Capital IQ Consensus, driven bycomparable sales growth of 5.4% vs. +1.5-2.5% guidance, partially offset by the loss of revenue from 11 large format and 42 Best Buy Mobile store closures. From a merchandising perspective, comparable sales growth in computing, wearables, smart home, mobile phones and appliances was partially offset by declines in tablets. Consumer electronics comps +2.5%; computing and mobile +6.7%; entertainment +15.4%; appliances +5.8%; services +1.5%
• Domestic online revenue of $1.1 billion increased 31.2% on a comparable basis primarily due to higher conversion rates and increased traffic. As a percentage of total Domestic revenue, online revenue increased 260 basis points to 13.2% versus 10.6% last year.
• Domestic GAAP and non-GAAP gross profit rates were flat versus last year at 24.0% as improved margin rates across multiple categories, particularly in appliances, tablets and home theater, were offset by (1) margin pressure in the mobile category; (2) the negative impact of higher sales in the lower-margin wearables category; and (3) an ~10-basis point negative impact from lapping the $11 million Q2 FY17 periodic profit sharing benefit from our service plan portfolio.
• Co issues upside guidance for Q3, sees EPS of $0.75-0.80, excluding non-recurring items, vs. $0.65 Capital IQ Consensus Estimate; sees Q3 revs of $9.3-9.4 bln vs. $9 bln Capital IQ Consensus Estimate; comps +4.5-5.5%.
• Co issues upside guidance for FY18, sees FY18 revs +4% to ~$40.98 bln vs. $40.5 bln Capital IQ Consensus Estimate. "Today we are raising our topline guidance and are now expecting full year FY18 revenue growth of ~4.0% versus our previous outlook of 2.5%. On the profitability side, we are now expecting full year non-GAAP operating income growth3 of 4.0% to 9.0% versus our previous outlook of 3.5% to 8.5% growth. This updated guidance reflects stronger-than-originally-expected second half revenue performance with profitability roughly in line with our previous expectations. The increased topline expectations are being driven by the anticipation of continued positive industry and consumer momentum, coupled with the impact of product launches. From a profitability perspective, while our original full year guidance anticipated an increased level of investments for FY18, we have made strategic decisions to proactively make additional Q3 and Q4 investments to continue to drive our Best Buy 2020 strategy forward." In Q2 FY18, the company repurchased 7.3 million shares for a total of $398 million.

This week's biggest % winners & losers : May 22 - 26, 17 (wk 21)

The following are this week's top 20 percentage gainers and top 20 percentage losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).

This week's top 20 % gainers

• Healthcare: PBYI (79.75 +110.98%), AERI (55.9 +36.18%), MNKD (1.52 +34.51%), CO (9.09 +16.99%)
• Materials: RYAM (16.05 +21.87%), GSM (10.76 +16.83%)
• Industrials: TGI (33.25 +44.88%), TITN (17.39 +14.79%)
• Consumer Discretionary: MOD (15.2 +22.58%), GES (11.67 +18.6%), TLYS (10.15 +18.57%), BBY (58.97 +14.88%)
• Information Technology: PSTG (12.74 +28.17%), NTNX (19.59 +22.44%), STMP (141.5 +17.09%), CMCM (12.24 +16.02%)
• Financials: AFSI (14 +15.42%)
• Consumer Staples: BG (82.17 +17.92%), BRFS (14.19 +15.18%)
• Telecommunication Services: NIHD (0.74 +39.63%)

This week's top 20 % losers

• Healthcare: ARDX (4.6 -24.28%), CERS (2.35 -21.67%), LJPC (29.02 -14.65%), ALXN (97.7 -14.18%), SRPT (30.01 -13.37%)
• Materials: FRTA (7.98 -24.29%)
• Industrials: DY (82.75 -22.36%)
• Consumer Discretionary: GCO (36.75 -18.42%), CHS (9.37 -16.56%), ASNA (1.73 -16.02%), SIG (49.31 -15.92%), BZH (12.9 -13.94%), IGT (18.22 -13.24%)
• Energy: ANW (5.1 -50.49%), BRS (7.36 -48.1%), SND (10 -21.26%), NBR (8.75 -16.83%), NAT (5.97 -15.08%), FMSA (5.03 -14.89%)
• Consumer Staples: SPTN (30.82 -13.72%)

=Best Buy (BBY) reported earnings on Thur 25 May 2017 (b/o)

Best Buy beats by $0.20, beats on revs; guides Q2 EPS in-line; Enterprise Comparable Sales Increased 1.6%. :

• Reports Q1 (Apr) earnings of $0.60 per share, excluding non-recurring items, $0.20 better than the Capital IQ Consensus of $0.40; revenues rose 1.0% year/year to $8.53 bln vs the $8.28 bln Capital IQ Consensus. Enterprise Comparable Sales Increased 1.6%.  Domestic comparable sales % change -- 1.4%.
• Co issues in-line guidance for Q2, sees EPS of $0.57-0.62, excluding non-recurring items, vs. $0.59 Capital IQ Consensus Estimate. Q2 Guidance: Enterprise revenue in the range of $8.6 billion to $8.7 billion. Enterprise comparable sales change in the range of 1.5% to 2.5%. Domestic comparable sales change in the range of 1.5% to 2.5%.
• FY18 Guidance: Enterprise revenue growth of approximately 2.5%. Enterprise non-GAAP operating income growth rate in the range of 3.5% to 8.5%, based on the recast FY17 non-GAAP operating income of $1.733 billion. On a 52-week basis, Enterprise non-GAAP operating income growth rate in the range of 1.5% to 5.5%, based on the recast FY17 non-GAAP operating income of $1.733 billion

Best Buy (BBY) reported earnings on Thur 11/17/16 (b/o)

** charts before earnings **

** charts after earnings **

Best Buy beats by $0.15, beats on revs; guides Q4 EPS above consensus, revs below consensus including recall headwind:

• Reports Q3 (Oct) earnings of $0.62 per share, excluding non-recurring items, $0.15 better than the Capital IQ Consensus of $0.47; revenues rose 1.4% year/year to $8.95 bln vs the $8.85 bln Capital IQ Consensus. 
• Comps +1.8% vs. +1% guidance.
• Domestic revenue of $8.2 billion increased 1.3% versus last year driven by comparable sales growth of 1.8%, partially offset by the loss of revenue from 14 large format and 23 Best Buy Mobile store closures. Industry revenue in the NPD-tracked categories declined 3.1%.4
• From a merchandising perspective, comparable sales growth in home theater, mobile phones, wearables and connected home was partially offset by declines in gaming.
• Domestic online revenue of $881 million increased 24.1% on a comparable basis primarily due to increased traffic, higher average order values and higher conversion rates. As a percentage of total Domestic revenue, online revenue increased 200 basis points to 10.8% versus 8.8% last year.
• Domestic GAAP and non-GAAP gross profit rate was 24.7% versus 24.1% last year. The 60-basis point increase was primarily due to improved margin rates in the computing and home theater categories, which were partially offset by the mobile category.
• Co issues guidance for Q4, sees EPS of $1.62-1.67, excluding non-recurring items, vs. $1.58 Capital IQ Consensus; sees Q4 revs of $13.4-13.6 bln vs. $13.7 bln Capital IQ Consensus; comparable sales change in the range of (1.0%) to 1.0% vs. ests near +1.2%; domestic comparable sales change in the range of (1.0%) to 1.0%; International comparable sales change in the range of (2.0%) to 2.0%
• "From a revenue standpoint, we are excited by the rate of technology innovation, the quality of our assortment and our ability to execute. That being said, we have updated our original expectations to incorporate the impact of recent product recalls and the fact that certain products will simply not be available for sale during our fourth quarter. The expected impact of these recalls on our fourth quarter Domestic revenue is ~$200 million." 

Best Buy (BBY) reported earnings on Tue 8/23/16 (b/o)

** charts before earnings **

** charts after earnings **

Best Buy beats by $0.14, beats on revs; guides Q3 EPS in-line, revs above consensus; raises FY17 profit guidance :

• Reports Q2 (Jul) earnings of $0.57 per share, excluding non-recurring items, $0.14 better than the Capital IQ Consensus of $0.43; revenues rose 0.1% year/year to $8.53 bln vs the $8.39 bln Capital IQ Consensus. 
• Comps +0.8% vs. flat guidance.
• Domestic revenue of $7.9 billion increased 0.1% versus last year driven by comparable sales growth of 0.8%, partially offset by the loss of revenue from 12 large format and 22 Best Buy Mobile store closures. Industry revenue in the NPD-tracked categories declined 3.2%.
• From a merchandising perspective, comparable sales growth in health & wearables, home theater, major appliances and computing was partially offset by declines in mobile phones and gaming.
• Domestic online revenue of $835 million increased 23.7% on a comparable basis primarily due to increased traffic, higher average order values and higher conversion rates. As a percentage of total Domestic revenue, online revenue increased 200 basis points to 10.6% versus 8.6% last year.
• Co issues guidance for Q3, sees EPS of $0.43-0.47, excluding non-recurring items, vs. $0.45 Capital IQ Consensus Estimate; sees Q3 revs of $8.8-8.9 bln vs. $8.77 bln Capital IQ Consensus Estimate. 

Best Buy (BBY) reported earnings Tue 24 May 2016 (b/o)

** charts before earnings **

** charts after earnings **

Best Buy beats by $0.09, beats on revs; guides Q2 EPS below consensus, revs above consensus; reaffirms FY17 guidance; CFO Sharon McCollam to step down; Strategic Growth Officer Corie Barry named new CFO:

• Reports Q1 (Apr) earnings of $0.44 per share, excluding non-recurring items, $0.09 better thanthe Capital IQ Consensus of $0.35; revenues fell 1.3% year/year to $8.44 bln vs the $8.3 bln Capital IQ Consensus. 
• Comparable sales were essentially flat (-0.1%) vs. (2)-(1%) guidance against a backdrop where the NPD-reported categories were down 1.9%.
  • From a merchandising perspective, comparable sales growth in health & wearables, home theater, major appliances and computing was offset by declines in mobile phones, tablets and gaming. As expected, television sales related to the shift of the Super Bowl into Q1 FY17 positively impacted the Domestic segment by ~70 basis points. The company also saw continued revenue declines in services due to investments in services pricing and the reduction of frequency of claims on extended warranties which has reduced repair revenue.
    • Consumer electronics comps +5.6%; computing and phones -3.5%; entertainment -11.6%; appliances +14.3%; services -10.7%.
  • Domestic online revenue of $832 million increased 23.9% on a comparable basisprimarily due to higher conversion rates and increased traffic. As a percentage of total Domestic revenue, online revenue increased 210 basis points to 10.6% versus 8.5% last year.
• Co issues guidance for Q2, sees EPS of $0.38-0.42, excluding non-recurring items, vs. $0.50 Capital IQ Consensus Estimate; sees Q2 revs of $8.35-8.45 bln vs. $8.31 bln Capital IQ Consensus; comps ~flat.

Best Buy (BBY) — is it a buy?

• 5/9/16:  BBY ~$32.  Is it a buy?

** 2 weeks later **

• no change

Best Buy (BBY)

 

8 and 9 weeks later

Best Buy (BBY) — is it a buy?

• BBY right after earnings. Is it a buy?  Double bottom?

** 1 month later **

** 3 weeks later **

**  2 days later **

Best Buy (BBY) reported earnings Thur 19 Nov 2015 (before open)

** charts before earnings **

** charts after earnings **

Best Buy beats by $0.06, reports revs in-line; sees Q4 domestic rev flat with operating margins slightly lower:

• Reports Q3 (Oct) earnings of $0.41 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus of $0.35; revenues fell 2.4% year/year to $8.82 bln vs the $8.83 bln Capital IQ Consensus. 
  • Comps +0.8% (+0.5% ex-installment billing) vs. ests near +1%.
    • Domestic consumer electronics comps +3%; computing and mobile phones -1.5%, appliances +16.4%
  • Online comparable sales increased 18% as our new mobile site and overall enhanced dotcom capabilities continued to drive higher conversion rates and increased traffic. These results were achieved in a context where industry sales in the NPD-tracked categories were down 4.3%.
  • "we have created an expansive assortment of amazing technology products, especially in 4K TVs, health & wearables, connected or smart devices, drones, and many other giftable items. These products will be offered at very attractive prices to our customers throughout the Holiday shopping season"
• Co sees negative low-single digit revenue growth rate for Q4 vs. -2.2% consensus; and a non-GAAP operating income rate decline of 25 to 45 basis points.