Best Buy Raises FY20 Comp Sales Outlook; Q1 Results Top Estimates - Quick Facts

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

For fiscal 2022, the company raised its enterprise comparable sales growth to a range of 3 to 6 percent from the prior forecast between a decline of 2 percent and 1 percent growth.

The company also projects enterprise comparable sales growth of approximately 17 percent for the second quarter.

Best Buy CFO Matt Bilunas said, "As we think about the back half of this year, we expect shopping behavior will evolve as customers are able to spend more time on activities like eating out, traveling and other events."

For the first quarter, the company's net earnings soared to $595 million or $2.32 per share from $159 million or $0.61 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $2.23 per share, compared to $0.67 per share a year ago. On average, 21 analysts polled by Thomson Reuters expected the company to report earnings of $1.37 per share for the quarter. Analysts' estimates typically exclude special items.

Enterprise revenues for the quarter increased to $11.64 billion from $8.56 billion in the same quarter last year. Analysts had a consensus revenue estimate of $10.34 billion.

Enterprise comparable sales rose 37.2 percent, compared to a decline of 5.3 percent last year.

The company also announced that its board of directors has authorized the payment of a regular quarterly cash dividend of $0.70 per common share, payable on July 8, 2021, to shareholders of record as of the close of business on June 17, 2021.