Best Buy reports Q2 EPS $1.08, consensus 99c
Reports Q2 revenue $9.54B, consensus $9.56B. Reports Q2 enterprise SSS up 1.6%, domestic SSS up 1.9%, domestic comparable online sales up 17.3%, and international SSS down 1.9%. "For Q2, we are reporting comparable sales growth of 1.6% on top of a very strong 6.2% last year," said Corie Barry, Best Buy CEO. "We also delivered improved profitability driven by gross profit rate expansion and continued disciplined expense management, demonstrating the culture we have built around driving cost reductions and efficiencies to help fund investments. I would like to thank all of our associates for delivering strong first half results." Barry continued, "During the quarter, we continued to make progress on our Building the New Blue strategy and our purpose to enrich lives through technology. We expanded our commitment to the health and wellness category through expanded assortment and a second acquisition, grew our Total Tech Support membership, added In-Home Advisors and continued to transform our supply chain to improve our speed of delivery to customers. We are excited about our strategic business opportunities and look forward to updating the market on the progress of our strategy during our Investor Update on September 25."