Best Buy (BBY) tops Q2 FY21 targets, projects higher year-over-year sales in Q3

Best Buy’s (NYSE: BBY) earnings and revenue for the second quarter of 2021 topped the market’s estimates. The retailer also projected higher sales in Q3 compared to the prior year. However, BBY stock dropped about 3% in the pre-market trading session.

Non-GAAP EPS Increased 58% year-over-year to $1.71 and GAAP EPS increased 85% to $1.65. Enterprise sales rose 4% to $9.91 billion in the second quarter with comparable sales growth of 5.8%.

Best Buy CFO Matt Bilunas said, “As a result of the ongoing uncertainty, we are not providing financial guidance today. However, I would note that we are planning for Q3 sales to be higher compared to last year but likely will not continue at the current quarter-to-date level of approximately 20% growth. Also, as our stores are fully reopened, we are planning for Q3 SG&A expense to be more in line with last year’s third quarter.”