What to Expect When Best Buy Reports Thursday Morning
Best Buy is scheduled to release its fiscal second-quarter financial results before the markets open on Thursday, and modest year-over-year growth is expected.
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Best Buy Co. Inc. (NYSE: BBY | BBY Price Prediction) is scheduled to release its fiscal second-quarter financial results before the markets open on Thursday. The consensus estimates are $0.99 in earnings per share (EPS) and $9.56 billion in revenue. The same period of last year reportedly had $0.91 in EPS and $9.38 billion in revenue.
In terms of the guidance previously issued for this quarter, the company said that it expects to see EPS in the range of $0.95 to $1.00 and revenue between $9.5 billion and $9.6 billion, with comparable sales growth of 1.5% to 2.5%.
During the fiscal first quarter, total revenues barely increased, about 0.4%, to the current level. Domestic revenues increased 0.8% year over year to $8.48 billion and international revenues decreased 5.2% to $661 million.
At the same time, comparable sales increased by 1.1%, compared with a gain of 7.1% in the same period of last year. Domestic comparable sales increased 1.3%, while international comparable sales decreased 1.2%. Online domestic comparable sales grew 14.5%.
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Excluding Wednesday’s move, Best Buy had outperformed the broad markets, with its stock up about 28% year to date. In the past 52 weeks, the stock is actually down about 17%.
A few analysts weighed in on the stock ahead of the report:
- Tesley Advisory Group has a Market Perform rating.
- Goldman Sachs has a Neutral rating with a $73 target.
- Guggenheim has a Buy rating and an $80 price target.
- Wedbush has a Hold rating with a $71 target price.
- Cleveland Research has a Neutral rating.
Shares of Best Buy traded up more than 1% to $68.83 on Wednesday, in a 52-week range of $47.72 to $81.66. The consensus price target is $76.73.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
