Home products and electronics retailer Best Buy reported splendid holiday-quarter sales and earnings. Sales jumped 13.9% to $15.3 billion, driven by both domestic and international segments contributing double-digit percentage increase in sales year-over-year. Profit for the quarter, however, was impacted by the recent tax legislation, reducing GAAP earnings per share by $1.17.
On an adjusted basis, EPS came in at $2.42, up 24.1% year-over-year.
The company saw a 9% comparable sales growth in the quarter, bringing its annual comparable sales growth to 5.6% for the year. In the Domestic segment, which makes up over 90% of the Enterprise operating income in the fourth quarter, the operating income rate declined 1.4%.
Outlook
For the current year, fiscal 2019, Best Buy expects to earn Enterprise revenue of $41 billion to $42 billion and adjusted diluted EPS of $4.80 to $5.00, a growth of 9% to 13%. Enterprise comparable sales are expected to have flat to 2% growth for the period.
For first quarter of 2019, Best Buy sees Enterprise revenue in the range of $8.65 billion to $8.75 billion, with Enterprise comparable sales growth of 1.5% to 2.5%. Adjusted diluted EPS is expected in the range of $0.68 to $0.73.
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