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Best Buy Reports Better-Than-Expected Q1 Results, raising annual growth outlook

Thursday, May 27, 2021

Best Buy Co., Inc. (NYSE: BBY) today announced results for the 13-week first quarter ended May 1, 2021 (“Q1 FY22”), as compared to the 13-week first quarter ended May 2, 2020 (“Q1 FY21”).

Summary

  • Enterprise Comparable Sales Increased 37.2%
  • GAAP Diluted EPS Increased 280% to $2.32
  • Non-GAAP Diluted EPS Increased 233% to $2.23
  • Raises Full-Year Enterprise Comparable Sales Growth Outlook to a Range of 3% to 6%

Domestic revenue of $10.84 billion increased 37.0% versus last year. The increase was primarily driven by comparable sales growth of 37.9%, which was partially offset by the loss of revenue from permanent store closures in the past year.

Domestic gross profit rate was 23.3% versus 23.0% last year. The gross profit rate increase of approximately 30 basis points was primarily driven by improved product margin rates, including reduced promotions, and rate leverage from supply chain cost

Best Buy CFO Matt Bilunas said, “The year has clearly started out much stronger than we originally expected. The sales momentum is continuing into Q2 and we are raising our annual comparable sales growth outlook. 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. It is difficult to know exactly how that impacts our business, especially as we lap particularly strong sales in the back half of last year. Therefore, at this time, we are leaving our original FY22 back-half sales assumptions unchanged.”

Source: Best Buy Co., Inc. IR 2021-05-27
Photo Credit: Best Buy

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About Best Buy
Best Buy Co., Inc. is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents, or using its Websites or mobile applications. It has operations in the United States, Canada and Mexico.

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Article Topics: Best Buy | Financial Results | Growth

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