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Best Buy (BBY) Q1 Earnings Beat Estimates, Revenues Drop
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Best Buy Co., Inc. (BBY - Free Report) , the specialty retailer of consumer electronics, came out with first-quarter fiscal 2017 results, wherein adjusted earnings of 44 cents per share beat the Zacks Consensus Estimate of 35 cents, and increased 18.9% from the prior-year quarter.
Including one-time items and discontinued operations, quarterly earnings came in at 70 cents per share compared with 36 cents in the year-ago quarter.
Management now projects earnings in the range of 38 cents to 42 cents a share for the second quarter of fiscal 2017. The current Zacks Consensus Estimate for the second quarter now stands at 50 cents, and could witness a downward revision in the coming days.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2017 has remained constant over the past 7 days. In the trailing four quarters (excluding the quarter under review), the company has outperformed the Zacks Consensus Estimate by an average of about 24.5%.
Revenues: Best Buy generated total revenue of $8,443 million that fell 1.3% year over year, but came ahead of the Zacks Consensus Estimate of $8,330 million. Consolidated comparable-store sales fell 0.1%.
Management now forecasts Enterprise revenue between $8.35 billion and $8.45 billion and expects Enterprise comparable sales to be flat during the second quarter of fiscal 2017.
Key Event: During the quarter under review, the company bought back 3.2 million shares for a total of $97 million.
Zacks Rank: Currently, Best Buy carries a Zacks Rank #2 (Buy) which is subject to change following the earnings announcement.
Stock Movement: Best Buy’s shares are down nearly 4% during pre-market trading hours following the earnings release.
Check back later for our full write up on Best Buy’s earnings report!
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Best Buy (BBY) Q1 Earnings Beat Estimates, Revenues Drop
Best Buy Co., Inc. (BBY - Free Report) , the specialty retailer of consumer electronics, came out with first-quarter fiscal 2017 results, wherein adjusted earnings of 44 cents per share beat the Zacks Consensus Estimate of 35 cents, and increased 18.9% from the prior-year quarter.
Including one-time items and discontinued operations, quarterly earnings came in at 70 cents per share compared with 36 cents in the year-ago quarter.
Management now projects earnings in the range of 38 cents to 42 cents a share for the second quarter of fiscal 2017. The current Zacks Consensus Estimate for the second quarter now stands at 50 cents, and could witness a downward revision in the coming days.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2017 has remained constant over the past 7 days. In the trailing four quarters (excluding the quarter under review), the company has outperformed the Zacks Consensus Estimate by an average of about 24.5%.
Revenues: Best Buy generated total revenue of $8,443 million that fell 1.3% year over year, but came ahead of the Zacks Consensus Estimate of $8,330 million. Consolidated comparable-store sales fell 0.1%.
Management now forecasts Enterprise revenue between $8.35 billion and $8.45 billion and expects Enterprise comparable sales to be flat during the second quarter of fiscal 2017.
Key Event: During the quarter under review, the company bought back 3.2 million shares for a total of $97 million.
Zacks Rank: Currently, Best Buy carries a Zacks Rank #2 (Buy) which is subject to change following the earnings announcement.
Stock Movement: Best Buy’s shares are down nearly 4% during pre-market trading hours following the earnings release.
Check back later for our full write up on Best Buy’s earnings report!
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>