When Best Buy Co. Inc. (NYSE: BBY | BBY Price Prediction) released its fiscal fourth-quarter financial results before the markets opened on Thursday, the retailer said that it had $2.90 in earnings per share (EPS) and $15.20 billion in revenue. That compared with consensus estimates of $2.75 in EPS and $15.05 billion in revenue, as well as the $2.72 per share and $14.8 billion posted in the same period of last year.
During the latest quarter, enterprise comparable sales increased 3.2% year over year, compared with an increase of 3.0% last year. This consists of domestic comparable sales increasing 3.4%, domestic comparable online sales increasing 18.7% and international comparable sales increasing 1.6%.
The largest comparable sales growth drivers were headphones, computing, appliances, mobile phones and tablets. These drivers were partially offset by declines in the gaming category.
Domestic revenue totaled $13.85 billion, with online revenue making up about $3.52 billion of these sales. International revenues were $1.35 billion.
Looking ahead to the fiscal first quarter, the company expects to see EPS in the range of $1.00 to $1.05, enterprise revenue between $9.1 billion and $9.2 billion, and comparable sales growth of flat to 1.0%. Consensus estimates call for $1.01 in EPS and $9.28 billion in revenue for the quarter.
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Corie Barry, Best Buy’s CEO, commented:
We are posting our 12th straight quarter of comparable sales growth and showing our strength as a successful multi-channel retailer who can meet customers when and where they want. We offered compelling holiday deals that resonated with customers and provided a seamless shopping experience, great inventory availability and fast and free delivery. Across online, home and stores, we are fulfilling our purpose to help enrich people’s lives through technology while also helping technology companies commercialize their product innovations.
Best Buy stock traded down 3% at $79.40 on Thursday, in a 52-week range of $61.58 to $91.99. The consensus price target is $89.68.
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