Best Buy Reports Better-than-Expected Second Quarter Results
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Best Buy (BBY) PT Lowered to $60 at UBS; Reiterates Neutral
August 30, 2017 8:29 AM EDTUBS lowered its price target on Best Buy (NYSE: BBY) to $60.00 (from $62.00) while maintaining a Neutral rating following the company's 2Q. Domestic comp of 5.4% beat the consensus estimate of 2.0%. The company saw gains across most major product categories with the notable exception of... More
Best Buy (BBY) Tops Q2 EPS by 6c, Comps Beat; Raises Outlook
August 29, 2017 7:02 AM EDTBest Buy (NYSE: BBY) reported Q2 EPS of $0.69, $0.06 better than the analyst estimate of $0.63. Revenue for the quarter came in at $8.94 billion versus the consensus estimate of $8.66 billion.
Comps rose 5.4%, versus the consensus of a 2.1% rise.
We are pleased today to report strong top and bottom line growth for the second quarter of fiscal 2018, said Hubert Joly, Best Buy chairman and CEO. Our higher-than-expected comparable sales of 5.4% were driven by stronger consumer demand for technology products and by the strong execution of our strategy. Against a backdrop of continued healthy consumer confidence, we believe... More
