for Between the Lines
| November 26, 2019 — 12:28 GMT (12:28 GMT)
| Topic: E-Commerce
Best Buy’s fiscal third quarter was better than expected as the company raised its outlook and said it was optimistic about the holiday selling season.
The company reported third quarter non-GAAP earnings of $1.13 a share, a dime better than estimates, on revenue on $9.76 billion. Wall Street was looking for sales of $9.7 billion. Best Buy reported GAAP third quarter earnings of $1.10 a share.
Same store sales were up 1.7%. Online revenue was 15.6% of total sales.
Best Buy CEO Corie Barry said the company is executing on its strategy and “excited about our holiday plans.” Barry said Best Buy’s inventory is strong and touted pick-up in store availability as well as next-day shipping.
As for the outlook, Best Buy raised fiscal 2020 guidance to non-GAAP earnings of $5.81 a share to $5.91 a share with revenue of $43.2 billion to $42.6 billion. For the fourth quarter, Best Buy is projecting revenue of $14.75 billion to $15.15 billion with non-GAAP earnings of $2.65 a share to $2.75 a share.
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for Between the Lines
| November 26, 2019 — 12:28 GMT (12:28 GMT)
| Topic: E-Commerce