Recap: Best Buy Q1 Earnings

Shares of Best Buy Co BBY rose 0.3% in pre-market trading after the company reported Q1 results.

Quarterly Results

Earnings per share rose 232.84% over the past year to $2.23, which beat the estimate of $1.37.

Revenue of $11,637,000,000 higher by 35.91% from the same period last year, which beat the estimate of $10,340,000,000.

Guidance

Best Buy raised its full-year enterprise comparable sales growth outlook to a range of 3% to 6%.

Details Of The Call

Date: May 27, 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=3082267&sessionid=1&key=81D3CFD57DD9540906E0D6A911D27B63&regTag=&V2=false&sourcepage=register

Price Action

52-week high: $128.57

Company's 52-week low was at $75.23

Price action over last quarter: Up 16.89%

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.