Thu, Nov. 19, 9:14 AM
Thu, Nov. 19, 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.
Wed, Oct. 14, 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)
Tue, Aug. 25, 9:19 AM| Tue, Aug. 25, 9:19 AM | 7 Comments
Tue, Aug. 25, 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.
Tue, Aug. 25, 7:02 AM
Fri, Jul. 17, 8:29 AM
- Bank of America Merrill Lynch downgrades Best Buy (NYSE:BBY) two notches to Underperform after having the retailer set at Buy.
- Analysts at the firm cite concerns on Best Buy's product mix and the potential for it to miss with comparable-store sales growth in Q3 and Q4.
- BAML slashes its price target to $32 from $45 vs. the consensus PT of $41.90.
- BBY -3.87% premarket to $33.55.
Tue, Jun. 2, 1:17 PM
- Retail chain stocks are putting in some strong gains despite a soft read earlier in the day from Redbook on sales.
- PVH issued a strong report last night which helped push the sector in the right direction, but there also appears to be some speculative buying on some names in the sector after Macy's was reported to be under pressure to explore REIT options.
- Previously: Macy's hearing from hedge funds on real estate assets
- Gainers: Guess (NYSE:GES) +5.1%, Tilly's (NYSE:TLYS) +4.4%, Abercrombie & Fitch (NYSE:ANF) +5.7%, Kohl's (NYSE:KSS) +1.6%, J.C. Penney (NYSE:JCP) +2.9%, Bon-Ton Stores (NASDAQ:BONT) +4.6%, Stein Mart (NASDAQ:SMRT) +2.7%, Sears Hometown and Outlet Stores (NASDAQ:SHOS) +2.4%, Conn's (NASDAQ:CONN) +5.8%, Best Buy (NYSE:BBY) +1.7%, hhgregg (NYSE:HGG) +2.8%.
Thu, May 21, 10:04 AM
- Best Buy (BBY +4.6%) sees flat to low single-digit domestic revenue growth in Q2.
- International sales are expected to fall 30% to 35% during the period on a reduced store count.
- Customer retention rate was a major focus from management during the call. The company expects to hold on to customers despite store closings.
- Execs said drivers of P&L improvement are SG&A tightening, focused marketing, and strategic tech investments
- Categories showing strength beyond expectations include "iconic" phones, large screen TVs, and major appliances/
- Previously: Best Buy beats by $0.08, beats on revenue (May. 21 2015)
- Previously: Best Buy pops after earnings crusher (May. 21 2015)
- Earnings call webcast
Thu, May 21, 9:16 AM
Thu, May 21, 7:16 AM
- Sales in Best Buy's (NYSE:BBY) international segment fell to $668M in Q1.
- Domestic segment revenue +1.4% to $7.89B
- Domestic comparable-store sales were up 0.6% with a new installment billing program contributing130 bps of growth.
- Domestic gross profit rate +120 bps to 22.7%.
- International gross profit rate -220 bps to 23.8%.
- Consolidated GAAP operating income rate -140 bps to 1.0%.
- Previously: Best Buy beats by $0.08, beats on revenue
- BBY +9.5% premarket.
Fri, Apr. 24, 7:50 AM
- JPMorgan downgrades Best Buy (NYSE:BBY) to a Neutral rating after having the retailer previously slotted at Overweight.
- Sales at Best Buy are running below the expectations built into share price, reasons JP.
- The investment firm cut its price target on the stock to $40 from $45.
- BBY -1.88% premarket to $35.45.
Tue, Mar. 3, 7:34 AM
- Best Buy (NYSE:BBY) reports revenue in its domestic segment increased 3.2% to $12.697B during Q4.
- Comps were up over 2% with demand for TVs a positive factor.
- International segment sales -12.4% to $1.512B.
- Sales of tablets and revenue from services were lower during the quarter.
- Domestic online revenue +9.7% to $1.72B - a deceleration from previous quarters.
- Domestic gross profit rate +120 bps to 21.2%.
- International gross profit rate flat at 21.7%.
- Operating income rate +250 bps to 5.7%.
- Previously: Best Buy set capital allocation plans
- Previously: Best Buy beats by $0.13, misses on revenue
- BBY +4.22% premarket.
Thu, Jan. 15, 12:45 PM
Thu, Jan. 15, 9:16 AM
Thu, Jan. 15, 7:41 AM
- Shares of Best Buy (NYSE:BBY) slip in early trading as the company takes a "cautionary" stance on domestic sales trends outside of the holiday period which saw the introduction of high-profile products (mobile, 4K TVs).
- Enterprise comparable sales growth in the first half of FY16 is forecast to be flat to negative low-single digits.
- The company's operating income rate is expected to be down 30 bp to 50 bps over the same period.
- BBY -6.9% premarket to $37.15.
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