Best Buy Co. Inc. (NYSE: BBY) is scheduled to report third quarter 2020 earnings results on Tuesday, November 26, before the market opens. Analysts expect the company to report earnings of $1.03 per share on revenue of $9.7 billion.
Last quarter, the company’s domestic comparable sales benefited from strength in the appliances, tablets, headphones and services categories. Domestic comparable online revenue saw double-digit growth fueled by higher average order values and increased traffic.
Best Buy has been investing significantly to drive growth in its business and these investments are likely to benefit the quarterly results. The company’s cost-cutting measures are likely to help the bottom line numbers. However, negative impacts from foreign currency could hurt results.
In the second quarter of 2020, Best Buy beat earnings estimates but revenues fell short. Revenue rose 2% to $9.5 billion while adjusted EPS rose 19% to $1.08. Comparable sales increased 1.6%.
For the third quarter of 2020, enterprise revenue is expected to be $9.65 billion to $9.75 billion and comparable sales is expected to grow 0.5% to 1.5%. Adjusted EPS is expected to be $1.00 to $1.05.
For the full year of 2020, the company expects enterprise revenue to come in the range of $43.1 billion to $43.6 billion. Enterprise comparable sales is estimated to grow 0.7-1.7%. Adjusted EPS is estimated to be $5.60 to $5.75.
In September, Best Buy revealed its financial targets for fiscal year 2025. The company expects enterprise revenue of $50 billion and adjusted operating income rate of 5%. The retailer also expects to achieve $1 billion of additional cost reductions and efficiencies.
Shares of Best Buy have gained 37% year-to-date and 6% in the past three months.
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