Yesterday, 12:50 PM
- Best Buy (BBY +2.1%) will open select stores at 12:01 a.m. Eastern time on October 13 to allow shoppers a chance to get their hands on the new Sony PlaySation VR product.
- The highly-anticipated virtual reality goggles will also be available on Best Buy's website at the same time.
- Not sure what PlayStation VR is all about? The PlayStation website gives a sense as what gamers are in store to see.
Thu, Sep. 15, 1:59 PM
- A new report from Moody's makes the argument that brick-and-mortar retailers such as Wal-Mart (WMT +1.2%) and Best Buy (BBY +0.1%) are thriving due to their sheer physical size. The ratings agency doesn't believe mass store closing are in the future, but sees a continuing trend toward "repurposing" of the store fleets to evolve to the multi-channel world.
- The pitch runs counter to the calls from some analysts for a mass reduction in square footage by major chains.
- Moody's on WMT: "Walmart's recent acquisition of Jet.com, while not a threat to Amazon's position, provides Walmart a speed advantage in boosting online growth by leveraging Jet's ready-made platform."
- Moody's on BBY:" Best Buy is an example of a retailer that continues to successfully transition online, with penetration approaching 20% of total sales."
- The interesting take from Moody's is probably relevant to other larger retail chains such as Staples (SPLS +1.8%), Target (TGT +0.8%), Walgreen Boots Alliance (WBA +0.3%), L Brands (LB +0.6%), Macy's (M +1%), and TJX Companies (TJX +0.8%) as well.
- Moody's press release
Thu, Sep. 15, 9:02 AM
- Retail sales fell in August on a month-over-month comparison. The drop wasn't a large surprise considering the onslaught of warnings from the retail sector on store traffic.
- 8 out of the 13 retail categories showed negative growth during the month, with the largest drops recorded in the building material/garden equipment/supplies dealers and miscellaneous store retailers categories. The broad weakness turned on its head the argument that money freed up from a lower level of auto sales would be funneled into other consumer purchases.
- Food services and drinking places showed a +0.9% M/M and +5.8% Y/Y increase in a somewhat surprising result considering the harsh read from Black Box Intelligence on August same-store sales in the restaurant sector BITE. Is the discrepancy an indication that independent restaurants are taking market share?
- On a year-over-year basis, retail sales were up 1.9%. As expected the Amazon-influenced nonstore retailers category did the heavy lifting with an 11% gain. Larger U.S. retail chains (WMT, SPLS, TGT, BBY, DG, COST, KR, WBA, CVS, LOW, HD, SWY) have been raising the issue of pricing pressure in recent conference presentations and guidance updates which could be a nagging sales deflator for the balance of the year.
- Previously: Retail sales disappoint in August (Sept. 15)
- Retail ETFs: XLP, XLY, VDC, XRT, VCR, RTH, RETL, FXG, PBJ, IYK, FXD, IYC, RHS, FDIS, PEJ, FSTA, PSL, SCC, RCD, UCC, PEZ, PMR, PSCC, UGE, PSCD, SZK, BITE, CNDF, CNSF, IBUY, JHMC, JHMS.
Wed, Aug. 24, 10:47 AM
- Analysts are busy resetting expectations on Best Buy (NYSE:BBY) after the company delivered stronger-than-anticipated results for Q2.
- SunTrust sees positive catalysts setting up for Best Buy in the second half. The firm backs a Buy rating and raises its price target to $45.
- Citigroup lifts its price target to $40 from $32.
- RBC and Telsey Advisory Group both move to a PT of $42 from $36.
- Deutsche Bank lifts its PT to $41 from $32. The firm sticks with a Hold rating on concerns over consumer electronics demand.
- Barclays reiterates a Buy rating and $45 PT on the retailer.
- Wedbush is the bear of the bunch, warning on the lack of "compelling" new products and calling Q2 the last hurrah.
- Best Buy is up 3.08% today and etched out a new 52-week high of $40.54 earlier.
Wed, Aug. 24, 8:06 AM
Tue, Aug. 23, 12:46 PM
Tue, Aug. 23, 9:15 AM
Tue, Aug. 23, 7:16 AM
- Best Buy (NYSE:BBY) reports comparable sales increased 0.8% in Q2.
- The retailer saw domestic comparable online sales spike 24% during the quarter.
- International revenue was down 1%.
- Best Buy pulled tight on spending in Q2, with SG&A expenses as a percentage of sales down 30 bps to 20.8%.
- Best Buy raises its outlook for Q3 EPS to $0.43 to $0.47 vs. $0.45 consensus.
- BBY +15.12% premarket to $37.76.
Tue, Aug. 23, 7:03 AM
Mon, Aug. 22, 5:30 PM
Wed, Aug. 17, 10:30 AM
Fri, Aug. 5, 9:36 AM
- NPD Group reports portable power pack sales were up 101% Y/Y for a two-week period in July following the introduction of Pokémon Go.
- Whether or not the sales pace sustains is still to be determined, but brands like Duracell (BRK.A, BRK.B), Dynex (owned by (NYSE:BBY)), Insignia (also BBY), Zagg (NASDAQ:ZAGG), Mophie (owned by Zagg) and Energizer (NYSE:ENR) are likely to see a boost to July sales.
Thu, Jul. 28, 2:01 PM
Fri, Jul. 22, 9:38 AM
- The Dallas Morning News has pictures of what the new appliances section at J.C. Penney (JCP) looks like at eight stores around the Dallas-Ft. Worth area.
- J.C. Penney is adding appliance sections to 500 stores by this fall in an effort to turbocharge home department sales. Early tests of the initiative have been positive.
- Appliance selling fell by the wayside during the Ron Johnson era when the department store chain veered into a strategy to divides its stores by brands and dial back promotions.
- Sector watch: Sears (NASDAQ:SHLD) and Kmart stores could feel an impact from the appliances bet by JCP, Best Buy (NYSE:BBY) is also increasingly active in the appliances category.
Sat, Jul. 9, 11:03 AM
- Amazon (NASDAQ:AMZN) is gearing up for this year's Prime Day with marketing efforts running at full throttle.
- The event scheduled for July 12 will see Prime members get a crack on deals on over 100,000 items. The company is promising a more engaging assortment this year after taking some criticism a year ago.
- Last year, Amazon pulled in about $375M to $400M in revenue on Prime Day. MKM Partners estimates that mark could be doubled this year.
- Analysis from JPMorgan suggests that Amazon Prime Day pulls forward some retail sales during a typically quiet period. The shopping bonanza and boost to Prime stickiness could be a headwind for Target (NYSE:TGT), Wal-Mart (NYSE:WMT), and Best Buy (NYSE:BBY). This year's event will also serve as a critical test for the Seattle e-commerce giant on the fulfillment front.
- Amazon carved out a new all-time high of $746.10 on Friday. Shares are now up 70% over the last year which has led to no shortage of analysis and debate from Seeking Alpha contributors on the AMZN trade.
Fri, Jun. 17, 10:03 AM
- Gap (GPS +3.7%) is back over $20 for the first time in over a month with some improved sentiment bubbling up over the retail sector.
- The retailer's +4.5% dividend yield may be luring in some buyers
- Other retail movers ahead of broad averages in early action include Nordstrom (JWN +2.3%), Tailored Brands (TLRD +3.6%), Pier 1 Imports (PIR +3.6%), Best Buy (BBY +2.8%), and DSW (DSW +2.5%). Perhaps it's coincidence, but all those companies boast a dividend yield of over 3%.