Best Buy (NYSE:BBY) earnings for the second quarter of fiscal year 2021 have BBY stock falling on Tuesday morning. This is despite reporting revenue of $9.91 billion, which is better than Wall Street’s estimate of $9.71 billion. The company also reported adjusted earnings per share (EPS) of $1.71, while analysts were expecting $1.08.
Additionally, Best Buy reported GAAP EPS of $1.65 for the period.
Here is what else is worth mentioning from the most recent Best Buy earnings report.
- Adjusted EPS was up 58% from $1.08 during Q2 of FY2020.
- Revenue for the quarter comes in 3.9% higher compared to $9.54 billion during the same time last year.
- Operating income of $568 million is 81.5% better year-over-year than $313 million
- Best Buy earnings also includes a net income of $432 million.
- That is 81.5% lower than $238 million from the second quarter of FY2020.
Corie Barry, chief executive officer of Best Buy, said this about the BBY stock earnings:
“Today, we are reporting strong quarterly results in the midst of unprecedented times,” said Corie Barry, Best Buy CEO. “We are encouraged to see the customer demand for our products and services and are proud of the amazing execution of our teams. However, we have not lost sight of the fact that people continue to suffer, and we extend our sympathy to all those who have lost someone to this virus, are sick with COVID-19 or are facing financial hardship as a result of the pandemic.”
Moreover, Best Buy said it is not issuing any sort of financial guidance for the rest of fiscal 2020 due to the ongoing uncertainty of the novel coronavirus. That said, CFO Matt Bilunas said that the company is “…planning for Q3 sales to be higher compared to last year but likely will not continue at the current quarter-to-date level of approximately 20% growth.”
More from Bilunas on the short-term outlook:
“Overall, as we plan for the back half of the year, we continue to weigh many factors including potential future government stimulus actions, the current shift in personal consumption expenditures from areas like travel and dining out, the possible depth and duration of the pandemic, the risk of higher unemployment over time, and the availability of inventory to match customer demand.”
BBY stock was down 5.1% as of Tuesday morning.
Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.
