One of the largest technology products retailers impressed markets with its quarterly figures
Best
Buy reported fiscal Q2 2022 adjusted earnings per share of $2.98 on
revenues of $11.85 billion earlier today. Both figures came ahead of an EPS of
$1.85 on revenues of $11.49 billion consensus. The retailer’s sales were up
nearly 20% as consumers upgraded devices and equipment and embraced habits
formed over a year ago (from hybrid work to streaming TV shows). According to
CEO Corie Barry, “there has been a dramatic and structural increase in the need
for technology.”
For the second half of fiscal 2022, Best Buy expects the
same-store sales to range from flat to down 3% compared to the year-ago
numbers.
Following the news, Best Buy was up 4%. As of the latest
close, Best Buy stock price is up 12% since the beginning of the year.
Source: cnbc.com
This information prepared by ClickTrades.com is not an offer or a solicitation for the purpose of purchase or sale of any financial products referred to herein or to enter into any legal relations, nor an advice or a recommendation with respect to such financial products.
This information is prepared for general circulation. It does not have regard to the specific investment objectives, financial situation or the particular needs of any recipient.
You should independently evaluate each financial product and consider the suitability of such a financial product, by taking into account your specific investment objectives, financial situation or particular needs, and by consulting an independent financial adviser as needed, before dealing in any financial products mentioned in this document.
This information may not be published, circulated, reproduced or distributed in whole or in part to any other person without the Company’s prior written consent.
Past performance is not always indicative of likely or future performance. Any views or opinions presented are solely those of the author and do not necessarily represent those of ClickTrades.com.
Previous Article
HSBC continues the Asian expansion push
Next Article
H&M preliminary Q3 sales show a steady improvement