Best Buy Co., Inc. (BBY - Free Report) , the specialty retailer of consumer electronics, came out with first-quarter fiscal 2019 results, wherein adjusted earnings came in at 82 cents per share that surpassed the Zacks Consensus Estimate of 75 cents. It also increased 37% from the prior-year quarter.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2019 has remained stable in the last 30 days. In the trailing four quarters (excluding the quarter under review), the company has outperformed the Zacks Consensus Estimate by an average of about 19.1%.
Revenues: Best Buy generated total revenue of $9,109 million, up 6.8% from the year-ago period and also came ahead of the Zacks Consensus Estimate of $8,785 million. Further, Enterprise comparable-store sales (comps) grew 7.1%.
Best Buy Co., Inc. Price, Consensus and EPS Surprise
Outlook: For fiscal 2019 Best Buy continues to expect enterprise revenues of about $41-$42 billion with comps growth of nearly flat to up 2%. Adjusted earnings per share are anticipated in the band of $4.80-$5.00, reflecting growth of about 9-13% from fiscal 2018.
Further, for second-quarter fiscal 2019, the company expects enterprise revenue in the range of $9.1-$9.2 billion, with comps growth of 3-4%. Adjusted earnings are expected to range between 77-82 cents, depicting growth of 12-19% from the prior year. The Zacks Consensus Estimate for the second quarter in currently is pegged at the higher end of managements prediction.
Key Events: During the first quarter, Best Buy returned approximately $528 million via share repurchases and dividends. Moreover, it declared to buy back $1.5 billion of shares during fiscal 2019.
Zacks Rank: Currently, Best Buy carries a Zacks Rank #2 (Buy), which is subject to change following the earnings announcement.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Check back later for our full write up on Best Buy’s earnings report!
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