Best Buy: Q2 Earnings Insights

Shares of Best Buy Co BBY moved higher by 0.6% in pre-market trading after the company reported Q2 results.

Quarterly Results

Earnings per share rose 74.27% year over year to $2.98, which beat the estimate of $1.85.

Revenue of $11,849,000,000 up by 19.57% year over year, which beat the estimate of $11,490,000,000.

Guidance

Best Buy sees Q3 enterprise revenue of $11.4 billion-$11.6 billion and FY22 enterprise revenue of $51 billion-$52 billion.

How To Listen To The Conference Call

Date: Aug 24, 2021

Time: 08:00 AM

ET Webcast URL: https://event.on24.com/eventRegistration/EventLobbyServlet?target=reg20.jsp&referrer=http%3A%2F%2Finvestors.bestbuy.com%2F&eventid=3191196&sessionid=1&key=378A30588C7ECB5E22E29819242D623C&regTag=&V2=false&sourcepage=register

Technicals

52-week high: $128.57

52-week low: $95.93

Price action over last quarter: down 2.96%

Company Overview

Best Buy is one of the largest consumer electronics retailers in the U.S., with product and service sales representing more than 9% of the $450 billion-plus in personal consumer electronics and appliances expenditures in 2019 (based on estimates from the U.S. Bureau of Economic Analysis). The company is focused on accelerating online sales growth, improving its multichannel customer experience, developing new in-store and in-home service offerings, optimizing its U.S., Canada, and Mexico retail store square footage, lowering cost of goods sold expenses through supply-chain efficiencies, and reducing selling, general, and administrative costs.