Best Buy (BBY) Reports In-Line Q3 EPS, Comps Increase 4.4%, Q4 EPS Misses

Best Buy (NYSE: BBY) reported Q3 EPS of $0.78, in-line with the analyst estimate of $0.78. Revenue for the quarter came in at $9.32 billion versus the consensus estimate of $9.36 billion.

Enterprise Comparable Sales Increased 4.4%

GUIDANCE:

FY18 Financial Guidance

Note: FY18 has 53 weeks compared to 52 weeks in FY17. The extra week occurs in Q4 FY18.

Best Buy is providing the following Q4 FY18 financial outlook:

• Enterprise revenue of $14.2 billion to $14.5 billion
• Enterprise comparable sales growth of 1.0% to 3.0%
• Domestic comparable sales growth of 1.0% to 3.0%
• International comparable sales change of flat to 3.0%
• Non-GAAP effective income tax rate of 36.0% to 36.5%3
• Diluted weighted average share count of approximately 296 million
• Non-GAAP diluted EPS of $1.89 to $1.993

(Street sees Q4 EPS of $2.03 on revenue of $14.35 billion)

Best Buy is raising its full year FY18 financial outlook to the following:

• Enterprise revenue of $41.0 billion to $41.3 billion, or growth of 4.0% to 4.8%
• Enterprise non-GAAP operating income growth rate of 7.0% to 9.5%3
• Enterprise non-GAAP effective income tax rate of approximately 34.5%3
• On a 52-week basis, Enterprise revenue growth of approximately 3.0%
• On a 52-week basis, Enterprise non-GAAP operating income growth rate of 3.0% to 6.5%3

For earnings history and earnings-related data on Best Buy (BBY) click here.

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