Best Buy Co.NYSE
Thu, Oct. 20, 10:07 AM
- Google's (GOOG, GOOGL) getting more involved in the art of physically displaying and demonstrating hardware products, setting up shop in its own space in SoHo and within specially-designed areas at select Best Buy Canada (BBY +0.8%) stores as of today.
- Although Google doesn't span the globe with well-designed physical locations as does its target rival (NASDAQ:AAPL), these initial moves to showcase its new hardware portfolio could mark a sign of others to come.
- Made by Google (96 Spring Street), Pixel
- Earlier in the week: Google Pixel reviews overall positive ahead of release
Wed, Oct. 12, 11:29 AM
- Cleveland Research is positive on Best Buy (BBY +3.2%) in the near term.
- The equity research firm expects the retailer to report Q3 U.S. comparable sales growth of 1.8% vs. 1.0% consensus. An EPS beat is also in the cards for Best Buy ($0.50 vs. $0.47 consensus), forecasts analyst Daryl Boehringer.
- Best Buy isn't due to report earnings on November 17.
- Shares of Best Buy are up 26% over the last 90 days.
Thu, Oct. 6, 9:40 AM
- Wal-Mart (NYSE:WMT) management is talking quite a bit about e-commerce during its Investment Community presentation.
- While that's not a surprise, there's still an underlying tone that the company's strategy is to ride out the extra costs of tech and e-commerce investments in order to adapt and evolve.
- "We’re moving with speed to position the company to win the future of retail," noted CEO Doug McMillon. He also said point blank that the world's largest retailer is going to look more like an e-commerce company over time. That's a stipulation that may have been inconceivable three or four years ago.
- Keeping with the e-commerce theme, guidance on store openings for the next two years was on the light side.
- Naturally, the $3B acquisition of Jet.com was a talking point
- The retailer also disclosed in a SEC filing yesterday that it has increased its position in JD.com to 10.8% of the shares that don't have voting power.
- Shares of Wal-Mart are down 2.69% in early trading after the company's guidance came in below expectations.
- The all-in bet by Wal-Mart on e-commerce has implications for other online sellers such as Target (NYSE:TGT), Staples (NASDAQ:SPLS), Best Buy (NYSE:BBY) and (of course) Amazon (NASDAQ:AMZN).
- Previously: Wal-Mart execs in the spotlight at investment meeting (Oct. 6)
Tue, Oct. 4, 8:30 AM
- The Consumer Products Safety Commission announced that Best Buy (NYSE:BBY) agreed to pay a $3.8M penalty for selling recalled products in violation of the law.
- The recalled products sold between 2010 and 2015 included computers, dishwashers, washing machines, flat-screen TVS, and ovens.
- CPSC press release
Fri, Sep. 30, 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.