Best Buy Smashes Q3 Estimates as Online Sales Rocket 174%, Comps 23%
Electronics retailer Best Buy (NYSE: BBY) reported its third-quarter fiscal 2021 results Tuesday morning, delivering revenue, earnings per share (EPS), and comparable sales, or comps, metrics that significantly overshot Wall Street consensus estimates. According to Zacks Equity Research, the company's adjusted EPS of $2.06 delivered an approximate 17% surprise above analyst average forecasts of $1.76, while revenue of $11.85 billion topped the consensus $11.02 billion by 7.5%.
The truly scorching growth, however, came in Best Buy's comparable-sales metrics. Enterprise comparable sales, rather than growing 13.8% for the quarter as analysts expected, jumped 23%, nearly double the forecast rate. Online sales exploded by 174% year over year. While mobile phone sales fell, home theater, computing, and appliance sales saw strong expansion, with appliance comps soaring 40.1% over the quarter ending Oct. 31, compared to a 1.5% loss in comps for the same period last year.
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Source Fool.com
