When Best Buy Co. Inc. (NYSE: BBY | BBY Price Prediction) released its fiscal third-quarter financial results before the markets opened on Tuesday, the retailer said that it had $2.06 in earnings per share (EPS) and $11.85 billion in revenue. That compared with consensus estimates of $1.70 in EPS and $11.0 billion in revenue, as well as the $1.13 per share and $9.76 billion posted in the same period of last year.
During the latest quarter, enterprise comparable sales increased 23% year over year, compared with an increase of 1.7% last year. This consists of domestic comparable sales increasing 22.6%, domestic comparable online sales increasing 174% and international comparable sales increasing 27.3%.
Domestic revenue totaled $10.85 billion, with online revenue making up about $3.82 billion of these sales. International revenues were $1.0 million.
The board of directors also announced the payment of a regular quarterly cash dividend of $0.55 per common share. The quarterly dividend is payable on January 5, to shareholders of record as of the close of business on December 15.
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On the books, its cash, cash equivalents, and short-term investments totaled $5.68 billion at the end of the quarter, up from $1.21 billion at the end of the same period last year.
Management noted that while the demand for the products and services remains at elevated levels as the fourth quarter begins, it is very difficult for the firm to predict how sustainable these trends will be due to the significant uncertainty related to the various impacts of the pandemic.
As a result, Best Buy did not issue guidance for the fiscal fourth quarter. However, consensus estimates call for $3.17 in EPS and $16.21 billion in revenue for the quarter.
Best Buy stock traded down 6% Tuesday to $114.71, in a 52-week range of $48.11 to $124.89. The consensus price target is $120.40.
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