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  4. Best Buy Stock Tops Earnings Estimates, Analyst Positive
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Best Buy Stock Tops Earnings Estimates, Analyst Positive

By Senad Karaahmetovic Shares of Best Buy (NYSE:BBY) are trading modestly higher in premarket Tuesday after the retailer reported comparable sales and profit ahead of average...
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Best Buy Stock Tops Earnings Estimates, Analyst Positive © Reuters. Best Buy (BBY) Stock Tops Earnings Estimates, Analyst Positive

By Senad Karaahmetovic

Shares of Best Buy (NYSE:BBY) are trading modestly higher in premarket Tuesday after the retailer reported comparable sales and profit ahead of average analyst estimate.

Best Buy reported a Q2 EPS of $1.54 to easily beat the analyst estimate of $1.29. Revenue for the quarter came in at $10.33 billion, slightly ahead of the consensus estimate of $10.29 billion.

Comparable sales declined +12.1%, slightly better than the Bloomberg consensus of -13.1%. For this quarter, the company expects comparable sales “will decline slightly more than the 12.1% decline we reported for the second quarter.”

For the full year, BBY expects comparable sales to “decline in a range around 11%.” Analysts were looking for a decline of -10.7%.

Best Buy also said it paused its share repurchase program during the second quarter.

“As we entered the year, we expected the consumer electronics industry to be softer than last year following two years of elevated growth driven by unusually strong demand for technology products and services and fueled partly by stimulus dollars,” the company said in a press release.

“The macro environment has been more challenged due to several factors and that has put additional pressure on our industry.”

A Goldman Sachs analyst noted that shares are up in premarket “likely due to the better-than-expected 2Q result as well as comp guidance for 3Q that is in-line with current consensus,” which is a result of the “better-than-expected cost control.”

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01-05-2024 10:45:17 (UTC+7)

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1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

GBP/USD

1.2475

-0.0015 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (2)

Sell (3)

USD/CAD

1.3780

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

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EUR/JPY

168.32

+0.10 (+0.06%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

Indicators:

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Sell (0)

EUR/CHF

0.9808

+0.0001 (+0.01%)

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Sell (2)

Gold Futures

2,295.80

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Sell (12)

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Silver Futures

26.677

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4.5305

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85.62

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Euro Stoxx 50

4,920.55

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S&P 500

5,035.69

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DAX

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FTSE 100

8,144.13

-2.90 (-0.04%)

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Sell

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17,763.03

+16.12 (+0.09%)

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Sell (6)

US Small Cap 2000

1,973.05

-42.98 (-2.13%)

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IBEX 35

10,854.40

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Neutral

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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