Markets
BBY

Best Buy (BBY) Q4 Earnings Beat Estimates, Revenue Misses

A generic image of two people across from each other
Credit: Shutterstock photo

Best Buy Co., Inc.BBY , specialty retailer of consumer electronics, came out with fourth-quarter fiscal 20Array6 results, wherein adjusted earnings of $Array.53 per share beat the Zacks Consensus Estimate of $Array.40, and increased 3.4% from the prior-year quarter.

Including one-time items and discontinued operations, quarterly earnings came in at $Array.40 per share compared with $Array.46 in the year-ago quarter.

Management now projects earnings in the range of 3Array cents to 35 cents a share for the first quarter of fiscal 20Array7. The current Zacks Consensus Estimate for the first quarter now stands at 39 cents, and could witness a correction in the coming days.

Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 20Array7 has remained constant over the past 30 days. In the trailing four quarters (including the quarter under review), the company has outperformed the Zacks Consensus Estimate by an average of about 24.5%.

Revenues: Best Buy generated total revenue of $Array3,623 million that fell 4.Array% year over year, and also came below the Zacks Consensus Estimate of $Array3,672 million. Consolidated comparable-store sales fell Array.7%.

Management now forecasts Enterprise revenue between $8.25 billion and $8.35 billion and expects Enterprise comparable sales to decline in the band of Array% to 2% during the first quarter of fiscal 20Array7.

Key Event: The company's board of directors increased the quarterly dividend by 22% to 28 cents a share, and also announced a special dividend of 45 cents. Both the quarterly dividend as well as special dividend will be paid on Apr 7, 20Array6 to shareholders on record as of Mar Array7, 20Array6. Management also authorized a new $Array billion share buyback program to be completed over the next two years.

Zacks Rank: Currently, Best Buy carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.

Stock Movement: Best Buy's shares are down nearly 3.Array% during pre-market trading hours following the earnings release.

Check back later for our full write up on Best Buy's earnings report!

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days . Click to get this free report >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

BEST BUY (BBY): Free Stock Analysis Report

To read this article on Zacks.com click here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

BBY

Other Topics

Earnings Investing Stocks

Latest Markets Videos