Best Buy Co., Inc

BBYNYSE
BBY
Best Buy Co., IncNYSE
 
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Important events

Nov 232022

Best Beat

This electronics retailer has beaten analyst expectations in the Best way possible, leading investors to Buy, Buy, Buy – here’s hoping the holiday quarter will be as breezy as promised.

  • Retail store Best Buy has smashed through Q3 earnings expectations, reporting adjusted EPS of $1.38 compared to expectations for $1.03, and quarterly revenue of $10.59bn against predictions of $10.31bn – though net sales did see a decline of 11% YoY.
  • Best Buy shares surged by a whopping 13% on Tuesday in its best trading day since the pandemic hit in March 2020 – though part of that was a general bullish vibe on Wall Street thanks to a slew of positive earnings. Still, Best Buy stock has yet to recover from its disastrous earnings this time last year, down over 40% in the twelve months.
  • Best Buy added to the merriment by sticking to its holiday quarter guidance, though granted that was significantly slashed back in May so the bar was lower. Still, so far it looks like electronics demand is holding up in the face of inflation, and whilst future consumer behaviour is a mystery to many, this report is certainly a step in the right direction.
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Best Buy

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May 252022

Best Buy tiptoes around the market bears

Best Buy reports earnings that… well, aren’t electrifying, but equally aren’t as bad as some other retailers.

  • BBY spiked as much as 13% in pre-market trading on Tuesday as the electronics company reported a mixed earnings report that saw it miss the top with EPS of $1.57, but beat the bottom with revenues of $10.65bn. This was an inversion of its Q4 report, which saw better than expected EPS, but underperforming revenues.
  • It’s not all high-bandwidth and roses, though.Given how inflation is hitting consumers rn, Best Buy has reduced its estimates across the board. Projected revenues for the fiscal year are down by $1-2bn, store sales are likely to decline by up to 6%, and EPS could drop as low as $8.40 from an initial estimate of $8.85.
  • Last week saw Walmart and Target’s worst day on Wall St. since 1987, so Best Buy will be more than happy to escape without waking up the bears. While CEO Corie Barry admitted a recession is still on the cards, this time round could be v different to 2008 – the average American household now owns 12 devices apparently, so tech retailers might not take such a hit. Might.
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Myke2020 / Wikimedia Commons
Mar 042022

Best Buy’s electric earnings

Best Buy sends out shockwaves with an earnings miss, but investors get a surge of power from guidance.

🔍Key points:

  • The stock lifted 9.22% on Thursday to hit its highest price since November despite a mixed bag of earnings that barely beat EPS estimates with $2.73, on revenues that missed the mark at $16.37bn.
  • Supply chain challenges and omicron-related staffing shortages were the main culprits here, with holiday quarter sales feeling the burn of constrained inventory and Omicron. The consumer company ended the fiscal year with $51.8bn in sales, narrowly missing forecasts.
  • But Best Buy says its best days are ahead of it, so investors took a gamble on a rosier future. CEO Corie Barry said “we do not, for 1 minute, believe we hit our peak revenue", and bullish guidance led to a slew of analyst upgrades on Thursday.
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Nov 242021

Better than all the rest?

Investors aren’t so sure they made the Best Buy after all, with fears of a rocky holiday season ahead.

  • Shares tumbled 12% on Tuesday despite Q3 topping expectations with EPS of $2.08 on revenue that was up 1% y-o-y at $11.91bn.
  • Its digital footprint is growing. It boasted its fastest shipping times ever this quarter, with same-day deliveries up 400%, and it’s pushing ahead with an online membership program. But that also means that...
  • In-store sales are slowing, up just 2% in Q3 in the U.S. compared to 22.6% in the same quarter last year.
  • Organized retail crime” is becoming a real problem in Best Buy stores, according to its CEO, scaring customers and impacting profits.
  • Q4 is expected to bring in up $16.9bn in revenue, though CFO Matt Bilunas warned that supply chain shortages could prompt a bunch of product discounts this quarter.
  • Gross margins could drop 30 bps thanks to shipping delays, and analysts are worried that demand will suffer as people start spending money on travel and entertainment instead of investing in their lockdown lifestyles.
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