Best Buy Boosts FY22 Outlook As Q3 Results Top Estimates - Quick Facts

(RTTNews) - While reporting financial results for the third quarter on Tuesday, electronics retailer Best Buy Co., Inc. (BBY) raised its enterprise revenue and comparable sales growth guidance for the full-year 2022 and provided outlook for the fourth quarter.

For fiscal 2022, the company now projects revenues in a range of $51.8 billion to $52.3 billion, with comparable sales growth of 10.5 to 11.5 percent.

Previously, the company expected revenues in the range of $51.0 billion to $52.0 billion, with comparable sales growth of 9 to 11 percent.

For the fourth quarter, the company estimates revenues between $16.4 billion and $16.9 billion, with comparable sales between a decline of 2 percent and a growth of 1 percent.

On average, analysts polled by Thomson Reuters expect the company to report revenues of $16.78 billion for the quarter and $51.57 billion for the year.

The company also announced its board of directors has authorized the payment of a regular quarterly cash dividend of $0.70 per common share, payable on January 4, 2022, to shareholders of record as of the close of business on December 14, 2021.

For the third quarter, the company's net earnings grew to $499 million or $2.00 per share from $391 million or $1.48 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $2.08 per share, compared to $2.06 per share a year ago.

Enterprise revenues for the quarter edged up to $11.91 billion from $11.85 billion in the same quarter last year. Enterprise comparable sales growth was 1.6 percent, compared to a 23 percent growth last year.

The Street was looking for earnings of $1.91 per share on revenues of $11.58 billion for the quarter.