Best Buy (BBY) Tops Q3 EPS by 8c, Revenues Beat, Comp. Sales Up 4.3%; Boosts FY19 EPS Guidance, Offers FY19 Revenue Outlook
Best Buy (NYSE: BBY) reported Q3 EPS of $0.93, $0.08 better than the analyst estimate of $0.85. Revenue for the quarter came in at $9.59 billion versus the consensus estimate of $9.57 billion.
“Our team just delivered another strong quarter with 4.3% comparable sales growth and better-than-expected earnings growth,” said Hubert Joly, Best Buy chairman and CEO. “Similar to the first half of the year, our topline performance was helped by a favorable environment and driven by how customers are responding to the unique and elevated experience we are building. We have continued to make significant progress against our Best Buy 2020: Building the New Blue strategy, including expanding our In-Home Advisor program, growing our Total Tech Support members and completing the acquisition of GreatCall, a leading connected health services provider for aging consumers. We are energized by our continued momentum and overall performance and see significant value-generation opportunity ahead of us by successfully enriching lives with technology and providing services and solutions that solve real customer needs.”
Joly continued, “The holiday season is here, and our team has put together a best-in-class assortment, prepared an amazing set of deals, and ensured we have great inventory availability across all the product categories we carry. In addition, we have continued to enhance our digital shopping experience and further improved our shipping speed, allowing us to delight customers with fast and free delivery. Customers can come to us online and use our Gift Center or talk to any of our Blue Shirt Associates, Geek Squad Agents or In-Home Advisors for help finding the perfect gift for everyone on their list this holiday.”
Best Buy CFO Corie Barry commented, “We are raising our full-year guidance for revenue and EPS to reflect the outperformance in the third quarter. Our guidance for Q4 is consistent with the expectations that were implied in the full-year guidance we provided last quarter. We expect comparable sales growth to be flat to up 3% and non-GAAP EPS in the range of $2.48 to $2.58.”
GUIDANCE:
Best Buy sees FY2019 EPS of $5.09-$5.19, versus the consensus of $5.11. Best Buy sees FY2019 revenue of $42.5-42.9 billion, versus the consensus of $42.76 billion.
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