UPDATE: Best Buy Co., Inc. (BBY) Tops Q4 EPS by 11c
Tweet
Share
E-mail
Get Alerts BBY Hot Sheet
Price: $76.00 -0.3%
Revenue Growth %: -5.1%
Financial Fact:
Cost of goods sold: 10.45B
Today's EPS Names:
ESCA, LICT, NKSH, More
Revenue Growth %: -5.1%
Financial Fact:
Cost of goods sold: 10.45B
Today's EPS Names:
ESCA, LICT, NKSH, More
Join SI Premium – FREE
(Updated - March 1, 2013 8:06 AM EST)
Best Buy Co., Inc. (NYSE: BBY) reported Q4 adjusted EPS of $1.64, versus the analyst estimate of $1.53. Revenue for the quarter came in at $16.71 billion versus the consensus estimate of $16.32 billion.
Domestic comps rose 0.9 percent in the quarter. Online revs rose 11 percent.
International comps fell 6.6 percent. Best Buy noted, "Positive comparable store sales in Europe were more than offset by declines in Canada and China. In Canada, overall industry softness drove the decline in comparable store sales. In China, however, increased competition from e-commerce and year-over-impacts from expired government stimulus programs in FY12 were the key drivers of the comparable store sales decline."
Adjusted free cash flow was $965 million, versus guidance calling for $850 million to $1.05 billion.
"To build on this momentum in fiscal 2014, we remain intently focused on the two problems we have to solve: stabilizing and improving our comparable store sales and increasing profitability across our global businesses. We recognize, however, that fiscal 2014 is a year of transition and that further investment will be required to advance our Renew Blue transformation," commented CEO Hubert Joly. "I would like to highlight six key priorities that will be pursued in fiscal 2014 that fall under the various pillars of Renew Blue. These priorities are (1) accelerating online growth; (2) escalating the multi-channel customer experience; (3) increasing revenue and gross profit per square foot through enhanced store space optimization and merchandising; (4) driving down cost of goods sold through supply chain efficiencies; (5) continuing to gradually optimize the U.S. real estate portfolio; and (6) further reducing SG&A costs. In addition, we will focus on driving operational improvements in our International business."
The company sees Capital Spending of $700 million to $800 million and incremental SG&A investments in the range of $150 million to $200 million.
Best Buy isn't providing revenue and earnings guidance for fiscal 2014.
For earnings history and earnings-related data on Best Buy Co., Inc. (BBY) click here.
Best Buy Co., Inc. (NYSE: BBY) reported Q4 adjusted EPS of $1.64, versus the analyst estimate of $1.53. Revenue for the quarter came in at $16.71 billion versus the consensus estimate of $16.32 billion.
Domestic comps rose 0.9 percent in the quarter. Online revs rose 11 percent.
International comps fell 6.6 percent. Best Buy noted, "Positive comparable store sales in Europe were more than offset by declines in Canada and China. In Canada, overall industry softness drove the decline in comparable store sales. In China, however, increased competition from e-commerce and year-over-impacts from expired government stimulus programs in FY12 were the key drivers of the comparable store sales decline."
Adjusted free cash flow was $965 million, versus guidance calling for $850 million to $1.05 billion.
"To build on this momentum in fiscal 2014, we remain intently focused on the two problems we have to solve: stabilizing and improving our comparable store sales and increasing profitability across our global businesses. We recognize, however, that fiscal 2014 is a year of transition and that further investment will be required to advance our Renew Blue transformation," commented CEO Hubert Joly. "I would like to highlight six key priorities that will be pursued in fiscal 2014 that fall under the various pillars of Renew Blue. These priorities are (1) accelerating online growth; (2) escalating the multi-channel customer experience; (3) increasing revenue and gross profit per square foot through enhanced store space optimization and merchandising; (4) driving down cost of goods sold through supply chain efficiencies; (5) continuing to gradually optimize the U.S. real estate portfolio; and (6) further reducing SG&A costs. In addition, we will focus on driving operational improvements in our International business."
The company sees Capital Spending of $700 million to $800 million and incremental SG&A investments in the range of $150 million to $200 million.
Best Buy isn't providing revenue and earnings guidance for fiscal 2014.
For earnings history and earnings-related data on Best Buy Co., Inc. (BBY) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Intuitive Surgiical (ISRG) beats earnings, revenue expectations in Q1
- SB Financial Group (SBFG) Tops Q1 EPS by 1c
- Chemung Financial (CHMG) Tops Q1 EPS by 44c
Create E-mail Alert Related Categories
Earnings, Hot Earnings, Hot List, Management Comments, Retail SalesRelated Entities
EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
