Best Buy: easily beats consensus in Q2
(CercleFinance.com) - Best Buy has eported Q2 adjusted EPS that is up 58% at 1.
71 dollar, well ahead of the consensus of just over one dollar, with a 1.9-point improvement in its adjusted operating margin to 5.9%.
The Minneapolis-based group increased revenues by 3.9% to 9.91 billion dollars. On a like-for-like basis, revenues increased by 5.8%, driven by Internet sales in the United States, which more than tripled (+242.2%) against the backdrop of the Covid-19 pandemic.
"Specifically, enterprise sales growth2 was approximately 16% in the last seven weeks of Q2 after we opened our stores and the strength continued into August, with sales up approximately 20% for the first three weeks of Q3," the consumer electronics retailer said.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
71 dollar, well ahead of the consensus of just over one dollar, with a 1.9-point improvement in its adjusted operating margin to 5.9%.
The Minneapolis-based group increased revenues by 3.9% to 9.91 billion dollars. On a like-for-like basis, revenues increased by 5.8%, driven by Internet sales in the United States, which more than tripled (+242.2%) against the backdrop of the Covid-19 pandemic.
"Specifically, enterprise sales growth2 was approximately 16% in the last seven weeks of Q2 after we opened our stores and the strength continued into August, with sales up approximately 20% for the first three weeks of Q3," the consumer electronics retailer said.
Copyright (c) 2020 CercleFinance.com. All rights reserved.