Best Buy Q3 Results Top Estimates - Quick Facts

(RTTNews) - Best Buy Co., Inc. (BBY) reported that its third-quarter net earnings increased to $391 million or $1.48 per share from $293 million or $1.10 per share in the same quarter last year.

Non-GAAP earnings per share were $2.06 compared to $1.13 in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.70 per share for the third-quarter. Analysts' estimates typically exclude special items.

Revenue for the third-quarter grew to $11.85 billion from $9.76 billion in the previous year. Analysts expected revenues of $11.00 billion for the third-quarter.

Domestic revenue was $10.85 billion up 21.0% from last year, driven by comparable sales growth of 22.6%, which was partially offset by the loss of revenue from permanent store closures in the past year.

Domestic online revenue of $3.82 billion increased 173.7% on a comparable basis, and as a percentage of total Domestic revenue, online revenue increased to approximately 35.2% versus 15.6% last year.

International revenue was $1.0 billion up 25.4% from last year. This increase was primarily driven by comparable sales growth of 27.3%, which was partially offset by the impact of approximately 140 basis points of negative foreign currency exchange rates.

The company board has authorized the payment of a regular quarterly cash dividend of $0.55 per common share. The quarterly dividend is payable on January 5, 2021, to shareholders of record as of the close of business on December 15, 2020.

The company suspended share repurchases last March in order to conserve liquidity in light of the COVID-related uncertainties and plans to resume share repurchases during the fourth-quarter of fiscal year 2021.