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.


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