Best Buy Co. Inc. (NYSE: BBY) reported its fiscal third-quarter financial results before the markets opened on Thursday. Overall, this company saw continued growth on both the top and bottom lines, which put it in line with most other major retailers this quarter.
The company posted $0.62 in earnings per share (EPS) and $8.95 billion in revenue. The consensus estimates from Thomson Reuters called for $0.47 in EPS and $8.85 billion in revenue. The same period of last year reportedly had $0.41 in EPS and $8.82 billion in revenue.
Domestic revenue of $8.2 billion increased 1.3% from last year, driven by comparable sales growth of 1.8%, partially offset by the loss of revenue from 14 large format and 23 Best Buy Mobile store closures since the third quarter of last year.
International revenue totaled $753 million, an increase of 3.3% driven by growth in Canada and Mexico, which was partially offset by a slight negative foreign currency impact.
In terms of guidance for the fiscal-fourth quarter, the company said that it expects EPS in the range of $1.62 to $1.67 and enterprise revenue between $13.4 billion and $13.6 billion. The consensus estimates are $1.58 in EPS and $13.7 billion in revenue for the current quarter.
Hubert Joly, chairman and CEO of Best Buy, commented:
Looking ahead, our teams are ready to execute our plan for the holiday season. As our marketing tagline, Holiday Gifting Made Easy, states, our goal is to make holiday shopping effortless for customers. To win holiday and deliver on this promise, we have created an exciting assortment of great and competitively priced products, and we have mobilized our assets, including our leading-edge digital capabilities, fast and free shipping across the entire site during holiday, and of course our knowledgeable Blue Shirts and Geek Squad agents who are here to provide compelling in-store experiences and in-home services.
Shares of Best Buy were up more than 6% to $42.97 Thursday morning, with a consensus analyst price target of $38.02 and a 52-week trading range of $25.31 to $43.49.
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