Loading...
•
May 01, 2021
Best Buy Q1 2022 Earnings Report
Best Buy reported better-than-expected first quarter results, with enterprise comparable sales increasing by 37.2% and GAAP diluted EPS increasing by 280% to $2.32. The company raised its full-year enterprise comparable sales growth outlook to a range of 3% to 6%.
Key Takeaways
Best Buy's Q1 FY22 results exceeded expectations, driven by extraordinarily high customer demand for technology products and services. The company's enterprise comparable sales increased by 37.2%, and GAAP diluted EPS increased by 280% to $2.32. Due to the strong start to the year, Best Buy raised its full-year enterprise comparable sales growth outlook to a range of 3% to 6%.
Enterprise comparable sales increased 37.2%.
GAAP diluted EPS increased 280% to $2.32.
Non-GAAP diluted EPS increased 233% to $2.23.
Full-year enterprise comparable sales growth outlook raised to a range of 3% to 6%.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Best Buy expects enterprise comparable sales growth of approximately 17% and a non-GAAP gross profit rate approximately flat to the Q2 FY21 rate of 22.9%. Enterprise non-GAAP SG&A growth is expected to be approximately 20%. For the full year, Best Buy anticipates enterprise comparable sales growth of 3% to 6%.
Positive Outlook
- Enterprise comparable sales growth of approximately 17% in Q2 FY22.
- Enterprise non-GAAP gross profit rate approximately flat to the Q2 FY21 rate of 22.9%.
- Enterprise non-GAAP SG&A growth of approximately 20%.
- Enterprise comparable sales growth of 3% to 6% for FY22.
- Enterprise non-GAAP gross profit rate approximately flat to the FY21 rate of 22.4%.
Challenges Ahead
- Shopping behavior is expected to evolve as customers spend more time on activities like eating out and traveling.
- The impact of evolving shopping behavior on Best Buy's business is uncertain.
- Difficult to predict the impact of lapping particularly strong sales in the back half of last year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...