May 22, 2014, 7:34 AM
- Best Buy (BBY) reports comparable-store sales fell by 1.9% in FQ1 with sales being dragged down by soft demand in the company's international segment.
- Comparable online sales rose 29% during the quarter on a higher average order and a boost by online orders taken at retail stores.
- The U.S. business saw its gross profit rate drop 70 bps to 22.7%, with a bulk of the decline attributed to less favorable terms from Best Buy's new credit card agreement. Operating margin was up 20 bps.
- Comparable sales are forecast to be negative in the low-single digits in both Q2 and Q3 on softness in the mobile phone category.
- BBY -2.8% premarket
May 22, 2014, 7:01 AM
May 21, 2014, 5:30 PM
May 13, 2014, 9:00 AM
- A disappoint read on retail sales from April's report could reset some expectations in the sector after analysts overestimated consumer demand.
- The electronics and appliance store category (RSH, BBY, CONN, WHR) saw sales fall 2.3% M/M and 1.5% Y/Y.
- Clothing and clothing accessory stores (AEO, GPS, BKE, TLYS, ANF, ANN, LB, ARO, GES, CATO) registered a 1.2% M/M and 1.1% Y/Y gain in sales which didn't show the snap-back from soft winter traffic patterns forecast by some.
- Related ETFs: XLY, XRT, VCR, RTH, RETL, FXD, FDIS, PMR, RCD, PEZ, PSCD
Apr. 15, 2014, 10:42 AM
- Best Buy (BBY -2.6%) has replaced the executive in charge of its U.S. retail stores after he held the position for only seven months, according to the Minneapolis Star Tribune. Shawn Score was a 29-year veteran at the company.
- Shari Ballard will take over the role on a permanent basis and keep her current duties as head of human resources.
- Shares of BBY are lower for the day on above-average volume. Weak guidance from hhgregg earlier this morning could be a factor.
Apr. 14, 2014, 9:32 AM
- Retail sales showed some vibrancy in March led by solid gains from building material and garden equipment sellers (HD, LOW) and general merchandise chains (COST, WMT, CASY, TGT). A revision to February's retail sales mark also bodes well for the retail sector.
- Sales at electronics and appliciane stores (BBY, CONN, HGG) moved in the wrong direction during the month, falling 1.6% M/M and 0.7% Y/Y.
- Related ETFs: XLY, XRT, VCR, RTH, RETL, IYK, FXD, FDIS, PMR, UGE, RCD, PEZ, SZK, PSCD
Mar. 18, 2014, 9:13 AM
- Shares of GameStop (GME) drop in early trading after Wal-Mart announces it will launch a used video game exchange program.
- GameStop's used game business is vital to the company as it generates higher margins than the new game model. That could get trickier with the retail beast from Bentonville in the mix.
- GME -5.5% premarket
- Shares of Best Buy (BBY) are down 0.6% as the company also has a little skin in the used game market.
Mar. 12, 2014, 10:53 AM
- SolarCity (SCTY +4.6%) will pitch its solar installation/electricity services to Best Buy (BBY -1.4%) customers at 60 stores in California, New York, Arizona, Oregon, and Hawaii.
- SolarCity, which already has a similar deal with Home Depot, will have onsite reps evaluate the feasibility of an installation with the help of satellite imagery, as well as discuss pricing and handle sign-ups.
- For Best Buy, the SolarCity deal is the latest in a string of partnerships involving dedicated store space for a company's products/services. Other partners include Apple, Microsoft, and Samsung.
Mar. 4, 2014, 3:08 PM
- Best Buy (BBY -1.5%), hhgregg (HGG -5.2%), and Conn's (CONN -0.5%) all trade lower as the decline of RadioShack continues to play out and shine a harsh spotlight on the sector.
- Some retail analysts think the stocks are being punished unfairly with all three retailers well-ahead of RadioShack in terms of evolving their business strategy.
Feb. 28, 2014, 8:10 AM
Feb. 27, 2014, 9:09 AM
Feb. 27, 2014, 8:20 AM
- Best Buy (BBY +7.8%) swings to a net profit of $293M from a loss of $409M a year earlier, which included a goodwill impairment of $822M.
- Comparable store sales -1.2%
- Gained market share, due to its "strategy to be price competitive" and to improve the customer experience.
- Cost cuts help offset the negative impact of BBY's mobile warranty and the new credit card agreement, with the affect of the latter higher than expected.
- In H1, Best Buy expects total comparable-store sales to drop slightly, similar to Q4.
- Discrete year-over-year income tax related items will hurt FY 2015 results. (PR)
Feb. 27, 2014, 7:04 AM
Feb. 27, 2014, 12:05 AM
Feb. 26, 2014, 5:30 PM
Feb. 26, 2014, 1:49 PM
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