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Best Buy shares slide after revenue miss, weak earnings outlook

Best Buy Co. Inc. BBY, -3.89% shares fell 4.3% in Thursday premarket trading after the consumer electronics retailer reported a third-quarter revenue miss and gave weak earnings guidance. Net income for the quarter was $239.0 million, or 78 cents per share, up from $194.0 million, or 61 cents per share, for the same period last year. The FactSet consensus was 78 cents. Revenue totaled $9.32 billion, up from $8.95 billion last year but below the $9.36 billion FactSet consensus. Enterprise same-store sales rose 4.4% while domestic same-store sales increased 4.5%. The FactSet consensus was for a 4.9% increase. Best Buy Chief Executive Hubert Joly said results were hurt by lower-than-expected mobile revenue and natural disasters. The retailer raised its fourth-quarter guidance, and now sees sales of $14.2 billion to $14.5 billion, domestic and enterprise same-store sales growth of 1% to 3% each, and adjusted EPS of $1.89 to $1.99. The FactSet consensus is for sales of $14.35 billion, a 1.9% same-store increase, and EPS of $2.03. For the full-year, the company now sees revenue of $41.0 billion to $41.3 billion. The FactSet consensus is $41.23 billion. Best Buy shares are down 5.6% for the last three months, but up 41.7% for the last year. The S&P 500 index SPX, -0.55% is up 17.8% for the period.


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