Best Buy (BBY) Tops Q2 EPS by 14c; Comps Outpace
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Best Buy (NYSE: BBY) reported Q2 EPS of $0.57, $0.14 better than the analyst estimate of $0.43. Revenue for the quarter came in at $8.53 billion versus the consensus estimate of $8.4 billion.
Comps rose 0.8 percent, versus expectations of a 0.5 percent drop.
Enterprise comps rose 0.8 percent, while the Street was looking for a 0.6 percent drop.
Corie Barry, Best Buy CFO, commented, “For our Q3 FY17 guidance, we are expecting Enterprise revenue in the range of $8.8 billion to $8.9 billion, or flat to 1% growth. We anticipate both Enterprise and Domestic comparable sales growth of approximately 1%. We expect International revenue to be approximately flat to down 5% on a reported basis and to be approximately flat on a constant currency basis. We anticipate our Q3 non-GAAP diluted earnings per share to be in the range of $0.43 to $0.47, assuming a diluted weighted average share count of approximately 319 million shares and a non-GAAP effective income tax rate in the range of 37.5% to 38.0%.”
*** Note: The Street sees Q317 EPS of $0.45.
Barry continued, “As it relates to our full year financial outlook, we are reaffirming our expectation of approximately flat revenue and raising our full year non-GAAP operating income3 outlook. We continue to expect the slight revenue decline in the first half to be offset by slight growth in the back half and in light of our first half performance, we are now expecting a full year non-GAAP operating income3 growth rate in the low-single digits versus our previous expectation of approximately flat. This includes lapping the significant periodic profit sharing benefits from our services plan portfolio that we earned in fiscal 2016. As we discussed on our previous earnings calls, our full year outlook assumes (1) a relatively better mobile cycle; (2) a trend in the NPD-tracked categories consistent with the last two quarters; and (3) delivering our cost reduction and gross profit optimization initiatives.”
For earnings history and earnings-related data on Best Buy (BBY) click here.
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