Best Buy (NYSE: BBY) reported Q2 EPS of $1.08, $0.09 better than the analyst estimate of $0.99. Revenue for the quarter came in at $9.54 billion versus the consensus estimate of $9.56 billion. Enterprise Comps rose 1.6%, Domestic comps rose 1.9%.

“For the second quarter, we are reporting comparable sales growth of 1.6% on top of a very strong 6.2% last year,” said Corie Barry, Best Buy CEO. “We also delivered improved profitability driven by gross profit rate expansion and continued disciplined expense management, demonstrating the culture we have built around driving cost reductions and efficiencies to help fund investments. I would like to thank all of our associates for delivering strong first half results.”

Barry continued, “During the quarter, we continued to make progress on our Building the New Blue strategy and our purpose to enrich lives through technology. We expanded our commitment to the health and wellness category through expanded assortment and a second acquisition, grew our Total Tech Support membership, added In-Home Advisors and continued to transform our supply chain to improve our speed of delivery to customers. We are excited about our strategic business opportunities and look forward to updating the market on the progress of our strategy during our Investor Update on September 25.”

Best Buy CFO Matt Bilunas commented, “The updated FY20 guidance we are providing today narrows our prior top-line range and raises the bottom-line range. This updated guidance factors in the following: (1) our best estimate of the impact of recent announcements regarding tariffs on goods from China, including the increase to 30% for List 3 and 15% for List 4; (2) our better-than-expected first half earnings; and (3) general uncertainty related to overall customer buying behavior in the back half of the year.”

GUIDANCE:

Best Buy sees Q3 2020 EPS of $1.00-$1.05, versus the consensus of $0.94. Best Buy sees Q3 2020 revenue of $9.65-9.75 billion, versus the consensus of $9.79 billion.

Best Buy sees FY2020 EPS of $5.60-$5.75, versus the consensus of $5.69. Best Buy sees FY2020 revenue of $43.1-43.6 billion, versus the consensus of $43.6 billion.

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