Best Buy (BBY) Tops Q2 EPS by $1.13, Updates Guidance

Best Buy (NYSE: BBY) reported Q2 EPS of $2.98, $1.13 better than the analyst estimate of $1.85. Revenue for the quarter came in at $11.85 million versus the consensus estimate of $11.49 million.

GUIDANCE:

Best Buy sees Q3 2021 revenue of $11.4-11.6 billion, versus the consensus of $10.55 billion.

• Eerprise revenue of $11.4 billion to $11.6 billion
• Enterprise comparable sales decline of -1% to -3%
• Enterprise non-GAAP gross profit rate2 decline of approximately 30 basis points
• Enterprise non-GAAP SG&A2 dollars approximately flat to last year
• Non-GAAP effective income tax rate of approximately 25.0%2

Best Buy sees FY2021 revenue of $51-52 billion, versus the consensus of $49.3 billion.

• Enterprise revenue of $51.0 billion to $52.0 billion
• Enterprise comparable sales growth of 9% to 11% compared to the prior outlook of 3% to 6% growth
• Enterprise non-GAAP gross profit rate2 slightly higher than last year compared to the prior outlook of approximately flat to last year
• Enterprise non-GAAP SG&A2 growth of approximately 9% compared to the prior outlook of 6% to 7% growth
• Non-GAAP effective income tax rate of approximately 20.0%2
• Share repurchases of more than $2.5 billion compared to the prior outlook of approximately $2.5 billion

For earnings history and earnings-related data on Best Buy (BBY) click here.

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