Best Buy Topped-Third Quarter Earnings

Nov 23, 2021 By MarketDepth

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Best Buy (NYSE: BBY) topped third-quarter earnings on Tuesday, nevertheless shares plummeted amid investor worry regarding high shipping costs and low demand for consumer electronics. Shares tumbled 15% during morning trading.

Higher Than Expected Revenue

The multinational retailer reported earnings of USD2.08, compared to the expected USD1.91 a share. Revenue amounted to USD11.91 Billion, higher than analysts anticipated USD11.58 Billion.

“We delivered record Q3 results, including 2% Domestic comparable sales on top of 22.6% last year, as our leaders continued to drive new ways of operating and our employees continued to do amazing things to support our customer’s technology needs in knowledgeable, fast and convenient ways. Our omnichannel capabilities and our ability to inspire and support across all of technology in a way no one else can means we are uniquely positioned to seize the opportunity in this environment and in the future.”

Corie Barry, Best Buy CEO

The company anticipates fourth-quarter revenue to total anywhere between USD16.4 Billion to USD16.9 Billion. Meanwhile same-store sales are forecasted to range between a 1% growth to 2% decline.

“We are looking forward to a strong holiday season and believe we are extremely well-positioned with both the tech customers want and fast and convenient ways to get it. We are committed to driving initiatives that will deliver future growth and our Q4 outlook reflects continued investments in our new membership program, technology, advertising and our health strategy.”

Matt Bilunas, Best Buy CFO