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Nov. 19, 2015, 9:14 AM
Nov. 19, 2015, 7:19 AM
- Comparable-store sales rose 0.8% for Best Buy (NYSE:BBY) in FQ3. Analysts expected a mark closer to 1.5%.
- International sales were down 29.9% to $729M. International gross profit rate -10 bps to 22.5%.
- Domestic segment revenue +1.2% to $8.09B. Domestic comparable-store sales were up 0.8%. Online comparable sales +21% to account for 8.8% of all sales.
- Domestic gross profit rate +110 bps to 24.1%. A higher mix of large screen TVs was a factor.
- Consolidated gross profit rate +90 bps 23.9%. Consolidated operating income +30 bps to 2.6%.
- Guidance: Best Buy expects flat domestic revenue growth in Q4 and a 30% drop in international sales.
- Previously: Best Buy beats by $0.06, misses on revenue (Nov. 19 2015)
- BBY -8.2% premarket to $28.75.
Nov. 19, 2015, 7:02 AM
- Best Buy (NYSE:BBY): Q3 EPS of $0.41 beats by $0.06.
- Revenue of $8.82B (-2.3% Y/Y) misses by $40M.
Nov. 18, 2015, 5:30 PM
Nov. 16, 2015, 8:20 AM
- Best Buy (NYSE:BBY) is downgraded by RBC Capital Markets to Sector Perform from Outperform.
- The investment firm cited concerns on the electronics categories after seeing other big box retailers report soft sales in the category.
- Best Buy reports Q3 numbers on November 19. Analysts expect revenue of $8.881B and EPS of $0.35.
- Best Buy closed at $32.06 on Friday vs. a 52-week trading range of $28.32 to $42.00.
Nov. 6, 2015, 2:08 PM
- Analysts at JPMorgan covering the retail sector see a spillover impact from Costco's (COST +1%) weaker-than-expected read on traffic in October. The 2.75% mark falls short of the +4% average reported since 2008 by the "mother" of consistency.
- JP thinks there could be nervous trading on Best Buy (BBY +1.7%), Target (TGT -1.2%), Michaels (MIK -0.2%), and Williams-Sonoma (WSM -1%) ahead of their quarterly reports.
- Best Buy in particular looks exposed with other chain stores already reporting sluggish trends in consumer electronics.
- Previously: Costco reports strong comp sales (ex-gas and F/X) in October (Nov. 4)
Nov. 3, 2015, 3:49 PM
- U.S. auto sales soared in October with the Detroit Three (F, GM, FCAU) all showing double-digit gains from a year ago. An extra selling weekend helped traffic, while low gas prices drove sales for SUVs and trucks.
- The annual selling rate came in at 18.2M for the month to sail past almost all estimates. Japanese automakers performed strong, while German brands performed better than expected after some spillover from the Volkswagen cheating scandal was anticipated.
- If there's a catch, it might be what the crowding out impact is on broad retail as consumers take on larger auto payments. Retail sales have disappointed in recent months with heavyweights such as Wal-Mart (NYSE:WMT), Target (NYSE:TGT), Best Buy (NYSE:BBY), and Staples (NASDAQ:SPLS) unable to pull off the comps the auto sector is rolling out.
- U.S. auto sales reports
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Oct. 29, 2015, 6:34 PM
- Target (NYSE:TGT) will again offer free U.S. shipping for all online orders this holiday season after it was "very well received" last year. "Traffic is very important for us during the holidays," says CEO Brian Cornell.
- The retailer usually requires a minimum order or $25 to qualify for free shipping. It will offer the deal for all online orders placed Nov. 1 to Dec. 25.
- Best Buy (NYSE:BBY) has made a similar move, waiving its own $35 minimum. Wal-Mart is standing pat with a $50 minimum order to waive shipping costs.
- Target has also made a deal with Borderfree to offer shipping to 200 international destinations, and says it plans to expand its grocery-delivery partnership with Instacart to six stores during the holidays.
Oct. 17, 2015, 3:05 PM
- Wal-Mart (NYSE:WMT) ripped the band-aid off this week to reset expectations for three years worth of earnings in one decisive action.
- Though the Wal-Mart bombshell rocked a large number of retail stocks initially, many recovered during the week or pared their losses. Two notable exceptions were Target (NYSE:TGT) and Best Buy (NYSE:BBY) which ended the week sharply lower due in some part to their similar track of heavy investments in e-commerce.
- While investment firms analysts turned defensive this week on Wal-Mart (SA summary, BI summary), Target (TGT), and Best Buy (BBY) - some retail insiders see a different dynamic playing out. They note that, unlike Amazon (NASDAQ:AMZN), the brick-and-mortar retail giants have decades in building out strategic infrastructure, supplier networks, and delivery systems. At a larger scale, and on a longer time frame, those advantages could lead to higher margins for the trio than Amazon as tech investments pay off.
Oct. 14, 2015, 10:57 AM
- The retail sector is reeling after Wal-Mart warns on the impact to its bottom line of higher wages.
- Target (TGT -3.8%), Macy's (M -1.1%), Costco (COST -1.9%), and Best Buy (BBY -4.2%) all took a sharp turn down right after Wal-Mart set profit guidance lower.
- Management with Wal-Mart also seemed a bit hesitant to gush over the back-to-school season and upcoming holiday period which could impact how investors look at Q4 earnings in the sector.
- Previously: Wal-Mart slides after warning on impact of higher wage levels (Oct. 14 2015)
Oct. 13, 2015, 10:54 AM
- ICSC forecasts holiday retail sales will increase 3.3%. The mark is lower than the estimates from the NRF (+3.7%) and FTI Consulting (+3.9%).
- The research firm sees the furniture/home furnishings category (BSET, PIR, WSM, ETH, KIRK, HOFT, RH, KIRK) leading the way with sales growth of 4.9%.
- The estimates for the electronics and appliance stores category (BBY, CONN, HGG, WHR) is on the sluggish end with an 1.1% gain seen.
- The average yearly gain in holiday retail sales over the last ten years is +1.8%.
Oct. 6, 2015, 8:16 AM
- A new survey indicated 44% of online shoppers turn to Amazon.com first when searching for a product online. The level is much higher than what was found in previous studies.
- Another 34% use Google and other search engines to being their shopping efforts, while only 21% begin their search directly on the website of a retailer.
- The gains by Amazon in becoming the shopping portal for a higher percentage of consumers hits a wide variety of retailers - including Target (NYSE:TGT), Wal-Mart (NYSE:WMT), Staples (NASDAQ:SPLS), and Best Buy (NYSE:BBY) - on market share and pricing leverage. It's been particularly devastating to mall chains such as Aeropostale (NYSE:ARO), American Eagle Outfitters (NYSE:AEO), Buckle (NYSE:BKE), Pacific Sunwear (NASDAQ:PSUN), and Abercombie & Fitch (NYSE:ANF) which rely on impulse buying from in-store shoppers.
Sep. 8, 2015, 1:36 PM
- Macy's (M +1%) announces it will test selling consumer electronics at Best Buy (BBY +2.6%) shops set up inside 10 stores in the U.S. The Best Buy shops will be on the small end at about 300 square feet.
- The initiative to sell electronics such as Samsung phones, tablets, and smart watches is scheduled to begin in early November.
Aug. 26, 2015, 8:02 AM
- Best Buy (NYSE:BBY) declares $0.23/share quarterly dividend, in line with previous.
- Forward yield 2.79%
- Payable Oct. 6; for shareholders of record Sept. 15; ex-div Sept. 11.
Aug. 25, 2015, 9:19 AM| Aug. 25, 2015, 9:19 AM | 7 Comments
Aug. 25, 2015, 7:18 AM
- Best Buy (NYSE:BBY) recorded a strong 3.8% increase in comparable-store sales in Q2, led by a 17% rise in the online sales comp. Analyst expected a mark closer to 1%.
- The company saw another sharp drop in international sales during Q2 amid store closures and F/X pressure. Sales were down 26% to $650M.
- International gross profit rate +50 bps to 23.4%.
- Domestic segment revenue +3.9% to $7.88B.
- Domestic comparable-store sales were up 2.7% as installment billing contributed positively. The comp for appliances was +21%.
- Domestic gross profit rate +130 bps to 24.7%.
- Consolidated gross profit rate +120 bps 24.6%. Consolidated operating income +70 bps to 3.4%.
- Previously: Best Buy beats by $0.15, beats on revenue
- BBY +11.4% premarket to $32.60.
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