Best Buy Shares Hit 52-Week High on Earnings

Written by Haley Alber

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November 26, 2019

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Best Buy Co. (NYSE: BBY) on Tuesday delivered earnings and revenue that beat analysts’ expectations, sending its share price to a 52-week high. The electronics retailer also raised its earnings guidance.

The company said it earned an adjusted USD 1.13 per share during the third quarter. This compares to estimates of USD 1.03 per share. Revenue was USD 9.76 Billion, ahead of USD 9.70 Billion expected.

Best Buy also posted better-than-expected same-store sales growth. Sales at stores open at least 12 months grew 1.7% versus 1.3% expected.

The company raised its forecast for fiscal 2020 adjusted earnings to a range of USD 5.81 to USD 5.91 per share from a prior estimate of USD 5.60 to USD 5.75 per share. Analysts were expecting Best Buy to earn USD 5.74 per share in 2020, excluding items.

“Our outlook continues to include our best estimate of the impact of tariffs on goods from China, both implemented and planned,” said Matt Bilunas, CFO.

Best Buy CEO Corey Barry says the company is excited about its holiday plans, which include next-day delivery on thousands of items. Customers will also be able to pick up products in store within an hour of placing an online order.

The retailer also set up 175 alternative pickup locations in New York City and Chicago where there may not be a convenient Best Buy store location. The New York locations are at CVS and UPS stores and UPS in Chicago.

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