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, 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.
Thu, May 21, 7:02 AM
Wed, May 20, 5:30 PM
Sun, Mar. 29, 4:18 AM
- Best Buy (NYSE:BBY) plans to close some stores and consolidate its operations in Canada, in a move that will hurt its earnings by $0.10-$0.20 this year.
- Costing about $200M-$280M in restructuring charges, Best Buy said it will close 66 of its Future Shop stores in Canada and convert 65 of them into Best Buy outlets.
- The retailer also announced plans to spend $160M to improve its Canadian online operations, increase staffing at its remaining stores, and launch a range of home appliances.
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.
Tue, Mar. 3, 7:03 AM
Mon, Mar. 2, 5:30 PM
Nov. 20, 2014, 10:26 AM
- Shares of Best Buy (BBY +7.4%) rally to their highest level since January after the company's earnings report and guidance satisfies.
- The earnings call was a little bit uneven with management making a solid case that the Best Buy turnaround was picking up steam, but also warning on product shipments and pricing on some electronics.
- Execs cleared up that specialized customer service reps showing up in its stores are Best Buy employees and not 3rd-party personnel.
- The company doesn't face the same number of impediments in selling mobile installment plans that it did a year ago which could help boost the Q4 comp.
- Best Buy earnings call webcast
Nov. 20, 2014, 7:07 AM
Nov. 19, 2014, 5:30 PM
Aug. 26, 2014, 7:14 AM
- Best Buy (NYSE:BBY) reports comparable-store sales fell 2.0% in FQ1 on continued weakness in the consumer electronics category.
- Comparable online sales +22%.
- International comparable-store sales -6.7%.
- Domestic gross profit rate -390 bps to 23.4%, overall -340 bps to 23.1%.
- Domestic SG&A expense ratio -180 bps to 20.1%, overall -160 bps to 20.4%.
- Inventory +2.7% to $5.583B.
- BBY +3.2% premarket
Aug. 26, 2014, 7:01 AM
Aug. 25, 2014, 5:30 PM
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
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