(Updated - November 26, 2019 7:03 AM EST)

Best Buy (NYSE: BBY) reported Q3 EPS of $1.13, $0.10 better than the analyst estimate of $1.03. Revenue for the quarter came in at $9.76 billion versus the consensus estimate of $9.7 billion.

• Enterprise Comparable Sales Increased 1.7%

“Our teams delivered another strong quarter of top- and bottom-line growth,” said Corie Barry, Best Buy CEO. “We are delivering on our purpose to enrich lives through technology by providing customers the products and solutions they want and need, combined with fast and convenient fulfillment. We are excited about our progress and opportunities as we execute on our Building the New Blue strategy, designed to develop deeper relationships with our customers and uniquely position us over the long term.”

Barry continued, “In the near term, we are excited about our holiday plans. Our teams have once again put together a best-in-class assortment, prepared an amazing set of deals and ensured we have great inventory availability. Customers ordering online will get free next-day delivery on thousands of items all season long with no membership or minimum purchase required. They can also choose to pick up their products in a store within an hour of placing their order.”

Barry concluded, “I want to thank our employees for the strong execution in the third quarter, and in advance for all your hard work this week and throughout the holidays. Whether you work in one of our stores, spend your time making house calls to our customers’ homes or work in a distribution center or the corporate office, you are a critical part of what makes Best Buy so special.”

Best Buy CFO Matt Bilunas commented, “The updated FY20 guidance we are providing today reiterates our prior revenue expectations and raises the non-GAAP EPS range to reflect the strong Q3 profitability as well as improved expectations for Q4. Our outlook continues to include our best estimate of the impact of tariffs on goods from China, both implemented and planned.”

GUIDANCE:

Best Buy sees FY2020 EPS of $5.81-$5.91, versus the consensus of $5.74. Best Buy sees FY2020 revenue of $43.2-43.6 billion, versus the consensus of $43.38 billion.

• Enterprise revenue of $43.2 billion to $43.6 billion, which compares to prior guidance of $43.1 billion to $43.6 billion
• Enterprise comparable sales growth of 1.0% to 2.0%, which compares to prior guidance of 0.7% to 1.7%
• Enterprise non-GAAP operating income rate slightly up from the 4.6% rate in FY19, which compares to prior guidance of flat to slightly up from the 4.6% rate in FY192
• Non-GAAP effective income tax rate of approximately 23.3%, which compares to prior guidance of approximately 24.0%2
• Non-GAAP diluted EPS of $5.81 to $5.91, which compares to prior guidance of $5.60 to $5.75

Best Buy sees Q4 EPS of $2.65-$2.75, versus the consensus of $2.65. Best Buy sees Q4 revenue of $14.75-15.15 billion, versus the consensus of $15 billion.

• Enterprise revenue of $14.75 billion to $15.15 billion
• Enterprise comparable sales growth of 0.5% to 3.0%
• Non-GAAP effective income tax rate of approximately 24.0%2
• Diluted weighted average share count of approximately 261 million
• Non-GAAP diluted EPS of $2.65 to $2.752

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