X

Best Buy tops Q1 earnings and revenue estimates; confirms FY20 outlook

Best Buy (NYSE: BBY) beats first quarter 2020 earnings and revenue targets. For the quarter ended May 4, 2019, adjusted earnings grew 24% to $1.02 per share on revenue of $9.14 billion. Analysts had expected the company to earn $0.86 per share on revenue of $9.13 billion. Shares of Best Buy were up about 3% in the pre-market trading hours.

For the second quarter of fiscal 2020, Best Buy expects non-GAAP EPS to be between $0.95 and $1.00. Enterprise revenue is expected to be $9.5 billion to $9.6 billion and enterprise comparable sales growth is touted to be 1.5% to 2.5%.

For the fiscal year 2020. the retailer reiterated its previous outlook; non-GAAP EPS of $5.45 to $5.65, Enterprise revenue of $42.9 billion to $43.9 billion and Enterprise comparable sales growth of 0.5% to 2.5%.

“We reported comparable sales growth at the high end of our guidance and delivered better-than-expected profitability. In addition to these strong financial results, we continued to make significant progress implementing our Best Buy 2020 strategy to enrich lives through technology and further develop our competitive differentiation,” said CEO Hubert Joly.

Also read: Vipshop Holdings (VIPS) surpasses Q1 earnings estimates

“As we look to the full year, we are reiterating the guidance we provided at the beginning of the year. This outlook balances our better-than-expected Q1 earnings, the fact that it is early in the year and our best estimate of the impact associated with the recent increase in tariffs on goods imported from China,” said CFO Corie Barry.

Best Buy stock had gained 31% since the beginning of 2019 and lost 8% of its value in the past 52 weeks.

Get access to timely and accurate verbatim transcripts that are published within hours of the event

Categories: Consumer Earnings
Related Post