Best Buy reports 1Q loss on restructuring costs (Investors)
Best Buy Co., Inc. (NYSE:BBY) on Tuesday reported a loss in its fiscal first quarter as it sold its stake in Best Buy Co., Inc. (NYSE:BBY) Europe and works on a turnaround plan that includes cutting costs and closing some stores. Its adjusted earnings beat Wall Street expectations, but revenue fell short as the company faced tough pricing competition during the quarter. Its shares fell in premarket trading. The company has been working on a turnaround plan as it faces increased competition from online retailers and discount stores. The plan includes closing stores, cutting costs and investing in training for its employees. In April it also said it would sell its 50 percent stake in its European joint venture to streamline its business and strengthen its balance sheet.
Best Buy sees investments squeezing near-term profits (WKZO)
Best Buy Co., Inc. (NYSE:BBY) reported weak quarterly sales on Tuesday and warned that a slew of investments to entice shoppers could squeeze profits in the near term. The news overshadowed its better-than-expected first-quarter profit and sent shares of the world’s largest consumer electronics chain down 4 percent in premarket trading. Net earnings from continuing operations fell to $97 million, or 29 cents a share, from $169 million, or 49 cents a share a year earlier. Excluding restructuring and other charges but including Europe, it earned 36 cents a share, beating the analysts average estimate of 25 cents, according to Thomson Reuters I/B/E/S.
Best Buy Given Overweight Rating at JPMorgan Chase (BBY) (Zolmax)
JPMorgan Chase & Co. (NYSE:JPM) reiterated their overweight rating on shares of Best Buy Co., Inc. (NYSE:BBY) in a research report sent to investors on Friday morning, Analyst Ratings.Net reports. The firm currently has a $29.00 price target on the stock. Best Buy Co., Inc. (NYSE:BBY) opened at 26.81 on Friday. Best Buy Co., Inc. (NYSE:BBY) has a 1-year low of $11.20 and a 1-year high of $27.37. The stock’s 50-day moving average is currently $24.76. The company’s market cap is $9.082 billion.
Best Buy Earnings: Here’s Why Investors are Selling Shares Now (WallStCheatSheet)
Best Buy Co., Inc. (NYSE:BBY) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 3%. …Hubert Joly, Best Buy Co., Inc. (NYSE:BBY) president and CEO, commented, “In the first quarter, we continued to make substantial progress on our Renew Blue priorities. This progress included (1) driving a 16% increase in Domestic comparable online sales; (2) improving our customer Net Promoter Score by over 300 basis points over the last five months;
Best Buy’s sales come up short (CNN)
Best Buy Co., Inc. (NYSE:BBY)’s sales fell more than expected in its fiscal first quarter, creating a speed bump for one of the year’s best performing stocks among the S&P 500. The electronics retailer reported that revenue fell 9.6% to $9.4 billion, far below the sales of $10.7 billion forecast by analysts surveyed by Thomson First Call. …The retailer attributed some of the decline to the fact that the Super Bowl was in its fiscal fourth quarter this year rather than its first quarter a year earlier. The game is a major driver of large screen television sales. But sales were also hurt because of the company’s decision to reduce sales in certain non-core businesses.