Earnings To Watch: Best Buy (BBY) Reports Q1 Results Tomorrow
Electronics retailer Best Buy (NYSE:BBY) will be announcing earnings results tomorrow morning. Here's what investors should know.
Best Buy met analysts' revenue expectations last quarter, reporting revenues of $14.65 billion, flat year on year. It was a mixed quarter for the company, with a decent beat of analysts' earnings estimates but underwhelming earnings guidance for the full year.
Is Best Buy a buy or sell going into earnings? Read our full analysis here, it's free.
This quarter, analysts are expecting Best Buy's revenue to decline 5.3% year on year to $8.97 billion, improving from the 11.1% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.07 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Best Buy has missed Wall Street's revenue estimates three times over the last two years.
Looking at Best Buy's peers in the specialty retail segment, only Sally Beauty has reported results so far. It met analysts' revenue estimates, posting year-on-year sales declines of 1.1%. The stock was down 1.4% on the results.
Read our full analysis of Sally Beauty's earnings results here.There has been positive sentiment among investors in the specialty retail segment, with share prices up 9.3% on average over the last month. Best Buy is down 1.1% during the same time and is heading into earnings with an average analyst price target of $85.4 (compared to the current share price of $72.81).
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