Best Buy Crushes Latest Earnings, But Q3 Projection Has Analysts Worried
The comeback continues for Best Buy.
The largest consumer electronics retailer reported much better than expected earnings during its Q2, which ended August 4th. In its earnings, Best Buy reported earnings of 91 cents per share, which shattered analysts’ expectations for 82 cents per share. And the retailer saw strong same-store sales growth, up 6.2 percent compared to estimates of 4.1 percent.
“We are happy to report strong top- and bottom-line results for the second quarter that exceeded our expectations,” Hubert Joly, Best Buy’s chairman and CEO, said in a statement announcing the retailer’s latest quarterly earnings. “Our comparable sales growth was helped by the favorable environment in which we operate and driven by how customers are responding to the unique and elevated experience we are building. We are particularly encouraged with the continued progress of our Net Promoter Scores and our continued market share gains. We are excited about the progress we are making on the implementation of our Best Buy 2020 strategy and the opportunities in front of us.”