Best Buy (NYSE: BBY) reported Q1 EPS of $2.23, $0.88 better than the analyst estimate of $1.35. Revenue for the quarter came in at $11.64 billion versus the consensus estimate of $10.3 billion.

• Enterprise Comparable Sales Increased 37.2%

Financial Outlook:

Best Buy CFO Matt Bilunas said, “The year has clearly started out much stronger than we originally expected. The sales momentum is continuing into Q2 and we are raising our annual comparable sales growth outlook. As we think about the back half of this year, we expect shopping behavior will evolve as customers are able to spend more time on activities like eating out, traveling and other events. It is difficult to know exactly how that impacts our business, especially as we lap particularly strong sales in the back half of last year. Therefore, at this time, we are leaving our original FY22 back-half sales assumptions unchanged.”

The company is providing the following outlook:

FY22:

• Enterprise comparable sales growth of 3% to 6%, which compares to prior outlook of (-2%) to 1%
• Enterprise non-GAAP gross profit rate2 approximately flat to the FY21 rate of 22.4%, which compares to prior outlook of slightly below the FY21 rate of 22.4%
• Enterprise non-GAAP SG&A2 growth rate of 6% to 7%, which compares to prior outlook of a growth rate in the low single-digits
• Share repurchases of approximately $2.5 billion, which compares to prior outlook of at least $2.0 billion
• Capital expenditures of $750 million to $850 million, which remains unchanged

Q2 FY22:

• Enterprise comparable sales growth of approximately 17%
• Enterprise non-GAAP gross profit rate2 approximately flat to the Q2 FY21 rate of 22.9%
• Enterprise non-GAAP SG&A2 growth of approximately 20%

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