Best Buy Co. Inc. (NYSE: BBY) is scheduled to release its fiscal second-quarter earnings report before the markets open on Tuesday. The consensus estimates from Thomson Reuters call for $0.43 in earnings per share (EPS) on $8.4 billion in revenue. In the same period of last year, the retailer posted EPS of $0.49 and $8.53 billion in revenue.
In the previous earnings report, the company issued guidance for this quarter of EPS in the range of $0.38 to $0.42 and for enterprise revenue to fall between $8.35 billion and $8.45 billion.
Best Buy’s chief financial officer, Sharon McCollam, stepped down in mid-June. However, she will remain with the company in an advisory capacity until the end of the fiscal year: January 28, 2017. Corie Barry, a 16-year veteran of Best Buy and its current chief strategic growth officer, is stepping into the CFO role.
In the first quarter, the company said that it delivered better-than-expected revenue, improved profitability and progressed against its fiscal 2017 initiatives. Management noted that although Best Buy reported better-than-expected results in the first quarter, the company did not raise its full year outlook as the first quarter represents less than 15% of full year earnings and at this stage the company has no new material information as it relates to product launches throughout the year.
A few analysts weighed in on Best Buy prior to the release of the earnings report:
- Wedbush reiterated a Buy rating.
- Ladernburg Thalmann has an Outperform rating.
- Jefferies has a Hold rating.
- BTIG reiterated Buy rating.
- Morgan Stanley reiterated a Buy rating.
- Deutsche Bank reiterated a Buy rating.
- Oppenheimer reiterated a Hold rating.
- Barclays reiterated a Buy rating with a $45 price target.
- Merrill Lynch has a Buy rating.
- Credit Suisse has a Hold rating.
So far in 2016, Best Buy has outperformed the broad markets slightly, with the stock up over 10%. However, over the past 52 weeks the stock is only up about 8.5%.
Shares of Best Buy closed Friday at $1.8% at $32.59, with a consensus analyst price target of $32.91 and a 52-week trading range of $25.31 to $39.10. In early trading indications on Monday, the stock was last trading up slightly at $32.70.